Farm sale raises $2.5 million for Community Foundation's Des Moines metro initiative

    Farm sale raises $2.5 million for Community Foundation's Des Moines metro initiative

    February 13, 2018

     

    Farm sale raises $2.5 million for Community Foundation's Des Moines metro initiative

    By: Donnelle Eller
    The Des Moines Register, February 13, 2018

    The sale of 176 acres in Benton County will help the Community Foundation of Greater Des Moines address pressing needs in the Des Moines metro area, the nonprofit said Monday. 

    The Community Foundation sold the Benton County farm for $14,300 an acre at an auction Friday, netting $2.5 million for the nonprofit group's work.

    Fred Weitz, former CEO of the Weitz Co., donated the farmland to the Community Foundation in December.

    The money will support the Community Foundation’s “Better Together Fund,” which provides grants to groups and individuals that "maintain and improve the region’s quality of life and economic viability."

    The “Better Together Fund” will be supported via the Weitz Family Permanent Endowment, the foundation said.

    “Thanks to the tremendous generosity of Fred Weitz, the Community Foundation will be able to use this gift of Iowa farmland to yield exciting, meaningful change for generations to come,” said Kristi Knous, the Community Foundation's president.

    The foundation manages assets of about $542 million, administers more than 1,800 charitable funds, and distributed more than $42.5 million in grants last year.