Farm for Sale in Bridport
The property is located nine miles from Middlebury at 2076 East Street in Bridport with dramatic views of the Adirondacks and the Green Mountains. The Gleasons bought the farm in 1979 and began organic farm operations in 1980. Since 1981, it has been used as an organic wheat and crop farm. The commercial milling operation was started in 1982 and has operated continuously since. An upgrade with a new mill building, equipment, and increase in production occurred in 2010. The farm is VOF certified.
Currently, the farm rents tillable land in a few nearby fields, bringing the total working area up to 125 acres. Grain is milled on site and marketed in the region to several wholesale customers. The total annual milling is approximately 50 tons. The gross annual income from the farming operation is approximately $60,000. The property is enrolled in the State of Vermont Current Appraisal Land Use Program; taxes in 2106 were $5,670.
Of the 52 acres of tillable land at Gleason Grains, 40% are in wheat and the balance of the land is rotated with soy beans, black beans, rye, buckwheat, clover, and hay. It is a well-managed organic farm. The owners are willing to connect a buyer to their wholesale customers and provide assistance with all aspects of the operation. All equipment is available to purchase separately from the real estate. The farm and milling business are currently in full operation and ready to continue with little disruption when the farm is purchased.
Soils types include Nellis stony loam of 3% to 8% slopes and Swanton fine sandy loam. Both are classified as prime agricultural soils and are light, sandy, and highly productive soils. The remainder of the farm includes Vergennes clay of 2% to 6% slopes, Covington and Panton silty clays, and Farmington stony silt loam. Water is provided by a drilled well, with a municipal source available. A pond is located on the farm and has some irrigation potential.
The farm includes the following infrastructure with all systems in working order:
- Farmhouse, very good condition, 1,500 square feet of living space, built in 1993.
- Tenant house, good condition, 850 square feet of living space, currently leased.
- Former dairy barn (c. 1930±), 4,368 square feet. Currently used as a shop and machine storage.
- Machinery shed, 1,200 square feet of space.
- Grain mill barn (c. 1990/2010), 720 square feet (ground floor).
- Four grain bins: 60 tons, 30 tons, 10 tons and 8 tons.
Purchase Price of the Farm
The purchase price of the farm is $330,000, which is the current appraised value subject to the conservation easement. A buyer will need to secure financing for this amount at closing. The buyer will then work with VLT to conserve the farm after the purchase.
The real estate purchase price does not include any equipment or supplies. A buyer interested in acquiring any of the supplies or equipment should indicate this in their proposal. A full list of the equipment and asking prices will be available upon request.
The farm will be sold subject to a perpetual farmland conservation easement that will allow all types of agricultural uses and new agricultural structures. Allowed uses of the tenant house under the conservation easement include as family or farm-labor housing or as a leased house for additional income. The conservation easement will include the option to purchase at agricultural value. This option allows VLT to purchase the farm at its agricultural value should the buyer (or a future owner) attempt to sell the farm to a non-farmer. This provision helps ensure the availability of the property to future farmers. Additional farm labor housing may be constructed with prior approval.
We are hosting two open houses at the farm to allow potential buyers to see the property. They will be Wednesday, December 6 and Saturday, December 9 from 10:00 am to 2:00 pm.
We strongly recommend attendance at an open house, since there is limited availability to see the farm outside of these dates. Interested parties are asked to respond if planning to attend.
VLT will select a proposal from a buyer who best fits the following criteria:
- Price: (a) willingness of the farmer to meet the asking price; and (b) ability to secure financing at closing (formal financing approval is not necessary to submit a proposal).
- Farm Enterprise: The farming enterprise described in the farmer’s proposal is: (a) well suited to the size, soils, and configuration of the farm; (b) well adapted to local markets for farm products and will contribute to the local farm economy; (c) likely to encourage long-term commercial use of the farmland; and (d) economically feasible.
- Farming Experience: Demonstrated farming experience and training that relates to the proposed farm operation.
- Food & Fiber: Priority will be given to those proposals where food or fiber for human use is produced.
VLT is often presented with several good proposals, so this is a competitive process. Reaching a final decision on the farmer involves several steps. A decision-making team consisting of VLT staff members and an advisory committee will reach consensus on the top-tier proposals followed by in-person interviews and reference checks.
Requirements of Proposal
If you are interested in submitting a proposal, we will need the following by January 9, 2017:
- Any conditions on a purchase. This is not binding, rather an indication of what you would be willing to pay and under what terms, when you would be able to close on the purchase, and what you might condition your offer on should you be selected as the buyer of the property (e.g. the sale of your home, financing, etc.).
- Documentation that you can finance the purchase price. This can be a projection on cash flow; a farm-business balance sheet; a statement of your assets/net worth; or it can be any combination of such materials that will assure us that you have the financial resources to complete the purchase. If you are selected as the buyer, you will need to secure a letter from a bank approving financing.
- Preliminary land-use plan for the farm. This would include a broad overview of the near- and long-term use of the land. Please indicate any changes and improvements to the property you envision and how you would finance these improvements; be sure to provide documentation for this financing.
- A 3-year income and expense projection of your proposed farm operation.
- Your qualifications should indicate that you can successfully execute your business plan. Strong agricultural references are very helpful.
- Any other information that you think is important for us to consider. This may include an analysis of markets to sell products, a SWOT analysis, or press regarding past agricultural operations.
Please send your offer and related materials to: firstname.lastname@example.org or Jon Ramsay, Vermont Land Trust, 8 Bailey Ave., Montpelier, VT 05602. To request additional materials, call Jon at (802) 533-7705. If you have any further questions about the farm’s resources or the application process, or if you cannot make this deadline but are interested in the farm, contact us anyway; we will keep you informed of the progress of the farm sale.
Learn more about the Farmland Access Program
Contact Jon Ramsay at (802) 533-7705