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Land Lease Education in Indiana

Ed Farris, Tamara Ogle, and Jenna Smith

Summary

The long term trend in Indiana agriculture is that an increasing amount of farm land is leased. U.S. Census of Agriculture reported 54% of farm land in Indiana was leased in 2007 which is a 3% increase from 1997. The Purdue Land Lease Team was formed in 2011 after receiving a grant from the North Central Risk Management Education Center. We have been providing educational resources for both farm tenants and landowners. Our efforts have focused on management of the financial, legal and human risks associated with leasing arrangements.

“Land Lease 101/Finding Balance in Farmland Lease Contracts ” was presented at the Purdue Women in Ag Conference and 3 other Indiana locations to over 340 individuals by members of the Purdue Land Lease Team. A survey was handed out at each presentation with 94% of respondents reporting more confidence in developing or modifying a farmland lease. Additional programs are planned for 2014. Extension publications have been enhanced and updated. These documents are currently under final review and should be released soon.

Aspects of the presentation being delivered throughout the state include the following key areas:
• Communication
• Understanding & Maintaining the Productivity of Your Farm
• What Should be Covered in a Lease (Legal Aspects)
• Types of Leases & Figuring a Fair Rent

As a result of our efforts, risks and rewards are being evaluated more closely by tenants and landlords. Attendees are also considering specific enhancements to their leasing arrangements to lessen risk exposure.

Details

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