Carroll County, IA, Greene County, IA, Guthrie County, IA, Audubon County, IA,
1998.04 Acres M/L

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Coon Rapids, IA 50058 |
Listing #15612

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Property Info

Description

Major Iowa Land Auction Selling Absolute! The partnership of Peoples Company and Community Insurance Agency are honored to represent the Garst Family in the sale of 1,998.04 total acres m/l located in Coon Rapids, Iowa, and in the West Central Iowa counties of Carroll, Greene, Audubon, and Guthrie. The Garst Family name resonates throughout the agricultural community for their involvement in some of history’s more notable advancements to agriculture. The Garst Family also takes pride in the pioneering of several conservation efforts implemented on their farmland including early adoption of no-till farming practices in the 1980’s, cover crops, terraces, and erosion control through maintained waterways. Years of consistent application of these practices have improved the soil in terms of better yield productivity, limited erosion, and elevated organic matter allowing crops to thrive, and have hardened the landscape for potential erratic weather and climate adjustments. Located just outside of the strong farming community of Coon Rapids, Iowa, these farms would be a great addition to any farm operation or an investment-grade purchase for a land investor.

Of the 1,998.04 total acres m/l, there are 1,910.27 FSA Cropland Acres with outstanding average CSR2 values between 88.6 and 70. The actual planted acres for the entire portfolio for 2021 (per the FSA – 578 Form) shows 1,638.99 acres with the difference between the FSA Cropland Acres being acres enrolled in the Conservation Reserve Program (CRP), waterways, and terraces. The primary soil types on these tracts include top-producing Clarion loam, Nicollet loam, Webster clay loam, Marshall clay loam, and Judson clay loam. The farm leases will be terminated and farming rights for 2022 will be made available to each Buyer. This group of high-quality farmland offers opportunities for a variety of land buyers with tracts sizes ranging from 51 acres to over 494 acres. Several grain marketing options are available in the immediate area around Coon Rapids, Iowa including the POET Ethanol Plant, the large grain receiving facility with railroad access owned by Landus Co-op, and a nearby soybean processing facility in Ralston, Iowa. These farms have benefitted from years of diligent farm management and record keeping complete with regular soil testing, 20 years of crop yield history, and complete drainage tile maps; allowing a Buyer to be well-informed in the purchase of these farms. Copies of Yield or Fertility Information are available to interested parties. Please contact an agent or visit the “Data Room” at the auction website GarstFarmsAuction.com for additional information.

Permanent Conservation Easement
As part of this auction, all tracts included in this sale will be covered by a permanent conservation easement specific to each individual tract established by the Seller in an effort to maintain the conservation value on the farms. The conservation easement was prepared by the law firm of Simmons, Perrine, Moyer, Bergman, PLC in collaboration with the Garst family, while consulting with and receiving input from those with farming and conservation backgrounds. Potential bidders are encouraged to review the easements and can be done so via the “Data Room” accompanying the listing page for the property on Peoples Company’s website.

This easement was established to continue the Garst family’s legacy of conservation and safeguard the renewable agriculture values of the farms for generations to come. The easement broadly enhances the sustainability and conservation values of the farms to bolster their continued economic productivity and farm profitability. Specifically, it requires that certain sustainable agriculture practices be used on the farms and that conservation measures and structures currently utilized on the farms be maintained. Practices include, but are not limited to, no-till farming, annual cover crop plantings post-harvest with the basis of having continuous, living roots in the soil, and maintenance of existing terraces and waterways. The easement also governs the ability of future owners to construct certain structures on the property and guide their placement to preserve the integrity of the socially responsible practices. Overall, the conservation easement draws on the preservation efforts implemented over decades by the Garst family and advances the sustainable values of the property to the environment and public at-large. The conservation easement will be practically enforced by the local land conservation group Whiterock Conservancy, which will provide guidance on the conservation values upheld by the easement as technology and farming practices adjust over time. Please visit GarstFarmsAuction.com for additional information and to watch an interview with Garst Family Farm Manager Liz Garst regarding their passion for conservation.

*Three informational webinars have been scheduled to inform and update potential bidders about the permanent conservation easement and to answer any questions that may exist. Please register for these Conservation Easement Overview Webinars by clicking on the links below or by contacting the Listing Agents. The dates of these three webinars are:
Tuesday, July 27th from 2:00 PM to 3:00 PM
Thursday, August 5th from 2:00 PM to 3:00 PM
Friday, August 13th from 2:00 PM to 3:00 PM

Sign On Property: Yes
MLS Number: 633412
Parcel Number: Multiple
School District: Various
General Area: Surrounding Coon Rapids, Iowa
Auction Date: Aug 17, 2021
Possession: At Closing, Subject to Tenant's Rights
Terms: Cash / Conventional

Auction Details

Live Auction Location: Sealed-Bid Delivery Locations (Mail or Drop Off to Either) - August 6th at 5:00PM:
Tuesday, August 17th, 2021 Peoples Company Community Insurance Agency
Raccoon River Social Club c/o Matt Adams c/o Chris Eddy
513 Main Street 12119 Stratford Drive P.O. Box 147
Coon Rapids, Iowa Suite B 110 5th Avenue
10:00 AM (CST) Clive, Iowa 50325 Coon Rapids, Iowa 50058

Seller(s): Garst Supply Company / Bonneyland Inc.

Sealed Bid Auction Deadline: 5:00 P.M. CST, Friday, August 6th, 2021

Deliver, Mail, or Email Bids To: Peoples Company, Attn: Matt Adams, 12119 Stratford Drive, Suite B, Clive, Iowa 50325 Matt@PeoplesCompany.com

Mail or Email Bids to: Community Insurance Agency, Attn: Chris Eddy, P.O. Box 147, Coon Rapids, Iowa 50058 chris.eddy@commins.net or hand deliver to Chris Eddy at 110 5th Ave, Coon Rapids, Iowa 50058.

*Broker will confirm receipt of all emailed bids within 24 hours.

Live Auction: 10:00 A.M. CST, Tuesday, August 17th, 2021 at Raccoon River Social Club, 513 Main Street, Coon Rapids, Iowa 50058.

Auction Method Overview: Peoples Company will be offering this property in eight tracts which can be purchased individually or in combinations. The sale process will begin with a sealed-bid auction followed by a live auction. To be eligible to bid at the live auction, bidders must submit a sealed bid on an individual tract or combination of tracts. Sealed bids must be received before 5:00 P.M. (CST) on Friday, August 6th, 2021. Successful bidders in the sealed bid auction will be invited to the live auction on Tuesday, August 17th, 2021, at the Raccoon River Social Club in Coon Rapids, Iowa.

Tract 1: 160 acres m/l, Carroll County
Tract 2: 80 acres m/l, Greene County
Tract 3: 80 acres m/l, Greene County
Tract 4: 240 acres m/l, Greene County
Tract 5: 494.22 acres m/l, Audubon County
Tract 6: 462.94 acres m/l, Audubon County
Tract 7: 429.88 acres m/l, Audubon County
Tract 8: 51 acres m/l, Guthrie County

Combinations: Combination bids will not be accepted on Tracts 1, 7, & 8. Combination bids may be submitted on any sequence of Tracts 2, 3, & 4 or Tracts 5 & 6.

Successful Bidders: A successful bidder is defined as an individual who submits one of the seven highest bids on an individual tract or combination of tracts during the sealed bid auction. Successful bidders invited to attend the live auction will be eligible to bid on all tracts, individually or in combination, regardless of their sealed bid offer.

Live Auction: A traditional live auction will be held for Tracts 1, 7, & 8. The opening bid for each of these tracts will be the highest bid received during the sealed bid auction process.

For Tracts 2, 3, & 4, if the sealed bid auction results in the highest bid on an individual tract basis, then the live auction will proceed as a traditional live auction that opens with the highest bid from the sealed bid process on each individual tract. However, in the event that the sealed bid auction results in the highest bid on a combination basis, then the live auction will proceed as a “buyer’s choice” auction that opens with the highest average dollar per acre offer from the sealed bid process. If the “buyer’s choice” auction prevails, bidders with the highest sealed bid will need to have the winning bid via the live auction to own the tract(s). After first round of “choice” bidding, auctioneer will proceed with an opening bid at their discretion for the duration of the “buyer’s choice” auction.

For Tracts 5 & 6, if the sealed bid auction results in the highest bid on an individual tract basis, then the live auction will proceed as a traditional live auction that opens with the highest bid from the sealed bid process on each individual tract. However, in the event that the sealed bid auction results in the highest bid on a combination basis, then the live auction will proceed as a “buyer’s choice” auction that opens with the highest average dollar per acre offer from the sealed bid process. If the “buyer’s choice” auction prevails, bidders with the highest sealed bid will need to have the winning bid via the live auction to own the tract(s). After first round of “choice” bidding, the auctioneer will proceed with an opening bid at their discretion for the duration of the “buyer’s choice” auction.

If no additional bids are received via the tradition live auction, the highest sealed bid will be the winning bid. If no additional bids are received via the “buyer’s choice” auction, the highest combination sealed bid(s) will be the winning bid.

Auctioneer Discretion: Auctioneer retains the discretion to invite additional bidders in the event of a tie during the sealed bid auction process. In addition, the auctioneer may establish opening bids throughout the live auction.

Access to Data Room: The Auction Company has set up an electronic data room (the “Data Room”) where prospective bidders may examine documents pertaining to the sale. The documents will include but not limited to the farm program information, soil tests, fertility history, preliminary title reports, copies of the conservation easements and the form of the contract that each successful bidder will be required to sign immediately upon acceptance of the winning bid. If you wish to obtain access to the online Data Room, please contact the Auction Company.

Conservation Easement: All tracts will be subject to a permanent conservation easement that will be recorded against the property at Closing. The conservation easement will be available for review via the electronic “Data Room” at the Auction website GarstFarmsAuction.com. The conservation easement will be subject to change prior to the sealed-bid deadline and all updated drafts will be posted in the “Data Room”. Three information webinars have been scheduled to inform and update potential bidders about the permanent conservation easement and to answer any questions that may exist. The dates of these three webinars are:
Tuesday, July 27th from 2:00 PM to 3:00 PM
Thursday, August 5th from 2:00 PM to 3:00 PM
Friday, August 13th from 2:00 PM to 3:00 PM

Agency: The Auction Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge that they are representing themselves in completing the auction sales transaction.

Farm Program Information: Farm Program Information is provided by the Audubon, Carroll, Greene, and Guthrie County Farm Service Agencies. The figures stated in the marketing materials are the present best estimates of the Seller and the Auction Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the tracts of land are reconstituted by the Audubon, Carroll, Greene, and Guthrie County FSA and NRCS offices.

Earnest Money: A 10% earnest money payment is required on the day of the auction for each tract. The earnest money payment may be paid in the form of cash, good check, or by wire transfer. All funds will be made payable to and held by Peoples Company Trust Account.

Contract & Title: Immediately upon conclusion of the auction, the winning bidder(s) must immediately enter into a purchase agreement contract and deposit the required earnest money payment.

The terms of the signed Contract shall govern the sale and shall supersede all prior communications, negotiations, discussions, representations, brochures, or information regarding the Real Estate, regardless of when the communication or material was made, including without limitation this marketing brochure and these Terms and Conditions.

The Seller has updated abstracts or created new abstracts prior to the sale. Seller will provide a current abstract at their expense to the Buyer.

Financing: Buyer’s obligation to purchase the Real Estate is unconditional and is not contingent upon Buyer obtaining financing. All financial arrangements are to have been made prior to bidding at the auction. By the mere act of bidding, the bidder makes a representation and warrants that the bidder has the present ability to pay the bid price and fulfill the Contract.

Closings: Closings will occur on or before September 17th, 2021. The balance of the purchase price will be paid at closing in the form of a certified check or by wire transfer. Except as otherwise provided in the Contract, the closing costs will be split equally by Buyer and Seller at Closing.

Real Estate Taxes: The real estate taxes will be prorated between the Seller and Buyer(s) to the date of closing.

Farm Lease: Seller will retain any and all planted crops for the 2021 farm year or farm income received or to be received from the 2021 farm year. No 2021 farm income will be prorated to the Buyer. Seller will terminate all farm leases prior to September 1, 2021.

Tract #7 (429.88 Acres m/l, Audubon County): There is an existing farm lease for approximately 25 acres that have been used for cover crops. This lease will be terminated prior to September 1st, 2021, however, the Buyer will be taking possession of the property subject to this farm lease.

Possession: Possession of the Audubon County and Guthrie County farmland trats will be given at Closing, Subject to Farm Tenants Rights. The Greene County and Carroll County farmland tracts are custom farmed and possession will be given after the Seller has removed the 2021 crops.

Tracts 5, 6, 7 (All Farmland Tracts in Audubon County): Possession will be given at Closing, Subject to Tenants Rights, however, Seller will be allowed to enter property post-closing and retains ability to access the property to perform minor compliance issues on the farms.

Cover Crops: All costs and responsibility associated with the seeding and establishing cover crops after the 2021 crop is removed will be the responsibility of the Seller. Buyer to allow Seller access to the property post-closing and allow Seller to enter the property in order to facilitate cover crop planting.

Conservation Reserve Program: Seller and any other participants listed in the CRP Contracts will assign the CRP Contracts to Buyer(s) as of the Closing Date, and Buyer shall assume all obligations of the CRP Contract. All payments for the current CRP Contract year shall be prorated as of the Closing Date.

Fences:
A. Existing fences, if any, are in as-is condition and will not be updated or replaced by the Seller.
B. All fences and fence lines shall be governed by Audubon, Carroll, Greene and Guthrie County, and State of Iowa fence line rules and regulations. No new fences will be installed by the Seller.
C. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Survey/s:
A. Surveys will only be provided for Tracts 5 and 6. No additional survey or staking will be paid for by the Seller. Acres of Tracts 5 and 6 are subject to change prior to the sealed-bid deadline and the purchase price will be based upon the new surveyed acres.
B. It will be the responsibility of each Buyer to pay for any and all fees to survey property boundaries of purchased tracts if they choose to do so.

Disclaimer:
All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Auction Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from abstract.

Other Notes:
A. The sales are subject to all easements, covenants, leases, and restrictions of record in place. All Real Estate will be sold on an “As is-Where is With All Faults” basis with no warranties or guarantees, expressed or implied, made by the Auctioneer, the Auction Company, or the Seller.
B. No warranty, either express or implied, or arising by operation of law concerning the Real Estate is made by the Seller or the Auctioneers and are hereby expressly disclaimed.
C. Any announcements made auction day by the Auctioneer or Auction Company will take precedence over these Terms and Conditions and all previous marketing materials or oral statements.
D. Bidding increments are at the sole discretion of the Auctioneer.
E. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer.
F. All decisions of the Auctioneer are final.

Acres: 51.00 Acres M/L
Parcel Number: 0000555400
CSR2: 56.80

Directions

From Coon Rapids, Iowa: Travel west out of town on State Highway 73 / Highway Street. The farm is located approximately one-half mile south. *Please contact the Listing Agents prior to viewing the farm.

Tract 7 - 150 Street / Swift Avenue, Coon Rapids, IA 50058

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Description

Audubon County, Iowa: Tract #7 consists of 429.88 acres m/l with 399.25 FSA cropland acres, which includes 47.04 acres enrolled in the Conservation Reserve Program (CRP) and 36.06 acres of grassed waterways, terraces, and required headlands. The planted acres for 2021 (per FSA-578 form) are 316.15 acres. The FSA cropland acres on this farm has a CSR2 value of 70.0. This farmland tract includes primary soils of Marshall silty clay loam and Judson-Colo-Ackmore Complex loam. This farmland tract has been owned by the Garst family since 1972 with conservation practices actively applied with no-till farming practices since the mid-1980’s and cover crop adoption in 2014. Approximately, 25 acres of this farm were planted to cereal rye / cover crop seed production in the fall of 2020 and will be re-seeded with multi-species cover crops this summer.

Located within the riparian area, there is a prominent stand of more than 200 walnut trees with an approximate average diameter of 8.5 inches and a fully vegetative perennial cover must be maintained in perpetuity from the stream to the west boundary of the existing CRP. There are a total of 47.04 acres enrolled into three Conservation Reserve Program (CRP; see attached CRP Map) contracts with 17 acres enrolled in CP21 Filter Strips paying $6,099 annually ($358.75/acre) through 2023, 28.71 acres enrolled in CP8A/CP15A paying $6,405 annually ($223.10/acre) through 2029, and 1.33 acres enrolled into CP42 Pollinator Habitat paying $297 annually ($233/acre).

There are 25 acres currently leased for the 2021 crop year for bailing cover crops and Seller will terminate all farm leases prior to September 1st, 2021. This tract is located within Section 36 of Viola Township in Audubon County, Iowa, and offers great access to paved Co Hwys F24 & N46.

FSA Cropland Acres: 399.25
Corn: 203.12 Base Acres with a PLC Yield of 156
Soybeans: 48.77 Base Acres with a PLC Yield of 48
Wheat: 15.1 Base Acres with a PLC Yield of 37
Base Acres: 266.99

Legal Description

All of Section Thirty-six (36) EXCEPT Parcel “A” and Parcel “B”, Township Eighty-one (81) North, Range Thirty-four (34) West of the Fifth P.M., Audubon County, Iowa. Exact legal description to be taken from the Abstract.

Details

Acres: 429.88 Acres M/L
Parcel Number: 05-01-36-220-000; 05-01-36-210-990; 05-01-36-120-920; 05-01-36-110-911; 05-01-36-230-010; 05-01-36-240-020; 05-01-36-130-930; 05-01-36-140-941; 05-01-36-320-040; 05-01-36-310-030; 05-01-36-420-961; 05-01-36-330-051; 05-01-36-340-061; 05-01-36-430-971
CSR2: 70.00

Directions

From Coon Rapids, Iowa: Travel south out of town on County Highway N46 for approximately 7.0 miles and take a slight right (west) turn onto 150th Street and continue for 1 mile. The farm is located on the southside of the road.

Tract 5 - 180th Street / Robin Avenue, Audubon, IA 50025

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Description

Audubon County, Iowa – Tract #5: 494.22 to be surveyed acres m/l with 464.09 FSA cropland acres, which includes 15.77 acres enrolled in the Conservation Reserve Program (CRP) and 46.02 acres in terraces, waterways, headlands, and a small grove of trees serving as a Monarch Grove. The CSR2 value for the FSA Cropland acres is 81.3. The planted acres for 2021 (per FSA-578 form) are 402.30 acres. This is a rare opportunity to purchase a large contiguous property that’s over 85% income producing. The primary soil types for this tract include Judson-Colo-Ackmore complex and Marshall silty clay loams. The 15.77 acres of CRP are enrolled in CP8A & CP15A programs until 2030 and have an annual payment of $3,517 ($223 per acre). This farmland tract has been owned by the Garst family since 1957 and conservation practices have been actively applied with no-till farming practices since the mid-1980’s and cover crop adoption in 2017.

A unique feature with this tract is a 3.27-acre grove of trees located in the northwest corner that serves as "Monarch Grove" for migrating monarchs and will be protected through the permanent conservation easement.

Property has good access to paved Co Rd N36 to the west and is located in Section 11 of Melville Township in Audubon County, Iowa. *An ingress/egress access easement will be put into place allowing the owner of the adjoining west parcel to access their property from the gravel driveway located on the northwest corner of the tract. This tract is in the process of being surveyed and total acres are subject to change pending final gross acres.

Legal Description

Part of Section Eleven (11), Township Eighty (80) North, Range Thirty-four (34) West of the 5th P.M. in Audubon County, Iowa. Exact legal description to be taken from the Abstract.

Details

Acres: 494.22 Acres M/L
Parcel Number: 05-06-11-110-750; 05-06-11-120-760; 05-06-11-210-790; 05-06-11-220-800; 05-06-11-230-810; 05-06-11-240-820; 05-06-11-130-770; 05-06-11-140-780; 05-06-11-410-870; 05-06-11-420-880; 05-06-11-310-830; 05-06-11-320-840; 05-06-11-330-850; 05-06-11-340-860; 05-06-11-430-890; 05-06-11-440-900
CSR2: 81.30

Directions

From Coon Rapids, Iowa: Travel south out of town on County Highway N46 for approximately 10.0 miles and take a right (west) turn onto 180th Street and continue for 2 miles. The farm is located on the northside of the road. *Tract #6 is located immediately west of Tract #5.

Tract 6 - 170th Street / 180th Street, Audubon, IA 50025

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Description

Audubon County, Iowa: Tract #6: 462.94 to be surveyed acres m/l with 456.23 FSA cropland acres, which includes 13 acres enrolled in the Conservation Reserve Program (CRP) and 54.48 acres of terraces, waterways, and headlands. The planted acres for 2021 (per FSA-578 form) are 388.75 acres. The FSA cropland acres on this farm have a CSR2 value of 81.5. A rare opportunity for a large, contiguous farmland tract, this nearly 90% income-producing tract boasts primary soil types including Marshall silty clay loam and Judson-Colo-Ackmore complex. Thirteen acres are enrolled into the Conservation Reserve Program (CRP) CP8A Grassed Waterways and CP15A Contour Grass Strips until 2030 and have an annual payment of $2,899 ($223 per acre). This farmland tract has been owned by the Garst family since 1957 and 1958 with conservation practices actively applied with no-till farming practices since the mid-1980’s, cover crop adoption in 2017, and a renewed CRP contour buffer contract in 2020. Property has good access to paved Co Rd N36 to the west and is located in Sections 10 and 11 of Melville Township in Audubon County, Iowa. *Note: The gravel driveway entrance located on the northeast corner of Tract #6 is entirely included with the adjoining parcel to the east (Tract #5). The property boundary for Tract #6 is located west of the gravel driveway. An ingress/egress access easement will be put into place to allow access into the northeast corner of Tract #6 from the gravel driveway located on the northwest corner of Tract #5.

Legal Description

The West Half (W ½) of Section Ten (10) EXCEPT Parcel “A” and Part of Section Eleven (11), Township Eighty (80) North, Range Thirty-four (34) West of the 5th P.M. in Audubon County, Iowa. Exact legal description to be taken from the Abstract.

Details

Acres: 462.94 Acres M/L
Parcel Number: 05-06-10-120-610; 05-06-10-110-590; 05-06-11-220-800; 05-06-11-210-790; 05-06-11-230-810; 05-06-10-140-600; 05-06-10-130-620; 05-06-10-420-640; 05-06-10-410-630; 05-06-11-320-840; 05-06-11-330-850; 05-06-10-440-740; 05-06-10-430-730
CSR2: 81.50

Directions

From Coon Rapids, Iowa: Travel south out of town on County Highway N46 for approximately 10.0 miles and take a right (west) turn onto 180th Street and continue for 2.75 miles. The farm is located on the northside of the road. *Tract #5 is located immediately east of Tract #6.