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southern MN | That's true.
Friend of mine owns 15-20 acres, it got enrolled in a RIM program where the owner got a lump sum payment, the fields (about 1/2 the property) is set aside for wildlife, may never be pulled out of natural growth or harvested or nothing. Forever. No future payments on it.
Now, my friend bought it dirt cheap, so he's not complaining; but the previous owner ended up selling those 15 acres for about 30 cents on the dollar of similar ground. No one wanted it, all tied up.
Think he got $5000 for the RIM payment, and cost himeself $60,000 on the land sale 7 years later.....
RIM is no longer done like this, so there is not much news or guidelines on the rules as to what happens if the city wraps around it, someone wants to pull it back out, etc. Just a dead end thing. No one has any answers.
Long term or never ending contracts can be real bad.
--->Paul | |
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Old tower no rental?
