Pamlico County forecasted to see improved economic growth
Chicago, IL --News Direct-- Promised Land
Promised Land Opportunity Zone Farms I, LLC (“Promised Land”), an opportunity zone investment vehicle, is thrilled to announce the grand opening of its state-of-the-art grain bin system in Pamlico County, North Carolina. This institutional-grade system will be able to house over 350,000 bushels of grain crops and has already impacted the economic footprint of the county in its design and construction phase.
Mr. Owen Peele of Split P Farms, the current tenant of the McCotter PLOZ Farm where this productivity enhancing investment was made, has been excited to see the long-term impact of the grain system, and the support already witnessed by the local community.
“For the eastern coast, this is the most advanced system there is, no one has what we have. In the long-term, that grain elevator, I believe, is going to change the agricultural economics of Pamlico County,” says Peele; “I can tell you there are people who are just as excited about this as we are.”
The new grain facility is located on the McCotter PLOZ Farm, a 4,528 acre nearly contiguous farmstead where Peele raises corn, soybeans, and wheat. Farmland Partners Inc. (NYSE: FPI), a leading farmland REIT, serves as Promised Land's property manager for the farm which has created a unique opportunity for collaboration. The two organizations’ partnership has allowed them to create a scalable opportunity zone platform for socially minded investment in an underrated, inflation-protected asset class.
Paul Pittman, CEO of Farmland Partners, has worked with Mr. Peele and Promised Land on other joint projects and felt this McCotter grain bin system would only continue to enhance the agricultural footprint in Eastern North Carolina.
“We’re proud to work with our partners at Promised Land and Split P Farms to invest in agriculture’s future. The McCotter PLOZ Farm in North Carolina is a perfect example of farmer-focused opportunity zone investments in action. The improvements made to this farm will boost the tenant's productivity, add value to the property, and benefit the surrounding community,” shared Pittman.
This facility is expected to bring significant economic activity to Pamlico County, as well as improve the scale and marketing position of Split P Farms, due to the substantially expanded grain storage capacity.
“The property taxes on the new grain facility will add to the tax base of Pamlico County, but it’s going to do more than that. Just the jobs alone that have been created by the construction of this facility, and the guys that came and built this place have lived here; they have been here almost eight months,” says Peele. “What we will have following construction, when you start talking a million bushels of corn, you’re talking 1,000 truck loads. So, truckers coming in, truckers going out, truckers stopping to buy fuel and food; so, it will add to the economy of Pamlico County.”
John Heneghan, Manager of Promised Land, also believes this investment will continue to drive economic development for Pamlico County.
“The acquisition and improvement of McCotter PLOZ Farm is a landmark transaction for Promised Land and Pamlico County,” Heneghan states. “It powerfully demonstrates Promised Land’s unique value-proposition of providing farmer partners access to capital to grow acres under management and to fund infrastructure improvements in rural communities that need a helping hand,” he adds. “The grain bin system was designed to allow for future expansion to meet the potential growth in demand of the agricultural sector in Eastern North Carolina.”
Promised Land was created to acquire, improve, and stimulate economic development associated with farmland located in qualified opportunity zones in the United States ("QOZs"). QOZs are communities designated by the IRS as “economically distressed”, in which improved farmland investments may be eligible for tax-exempt appreciation. New capital investment, such as this new grain system, is expected to spur economic activity, community revitalization, and job creation.
About Promised Land OZ: Promised Land is the leading rural development partner for Opportunity Zones located in American farming communities. Promised Land Opportunity Zone Farms I, LLC is a Qualified Opportunity Zone Business, as described by the Tax Cuts and Jobs Act of 2017. Promised Land currently owns approximately 8,300 acres in North Carolina, Illinois, South Carolina, and Mississippi. Launched in 2020, Promised Land partners with investors and farmers. Promised Land offers investors a compelling risk-reward profile of durable cash flows and tax-exempt appreciation potential through investing in U.S. farmland; while providing farmers a way to expand acres under management. Making it a win-win for both parties.
Media contact: Delaney Howell, Delaney@AgCultureMarketing.com
Accredited investors looking to buy dirt can contact Promised Land at firstname.lastname@example.org
Farmers looking to grow acres and owners and brokers with farmland for sale in Opportunity Zones are encouraged to contact Farmland Partners at email@example.com
SOURCE Servant Financial
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