Boulder investors bid on bankrupt farm
Boulder-based Localization Partners submitted a $45,000 bid for 770 acres of Grant Family Farms leases and $40,000 for intangibles such as customer databases and brand names at an auction this week.
The firm was formed in fall 2011 to channel investment capital into local food and farming businesses. It invested $1.5 million into Grant Family Farms in Wellington last year to help finance last year's crop.
"Pursuing these leases and continuing to farm on that land and pursuing the intangibles is part of our effort to recover the capital that we invested," said Michael Brownlee, co-founder of Localization Partners.
A bankruptcy judge will decide in April whether to accept Localization Partners' bid.
If the judge decides in the firm's favor, Localization Partners will raise organic crops on the land. The firm plans to work with a Northern Colorado organic farmer whom Brownlee declined to name because an agreement has not been finalized.
Spinach, kale, onions and other crops already are planted, he said. The farm may grow wheat and corn, as well, though it will not raise livestock.
He expects farming to take place in spring if bankruptcy court proceedings aren't prolonged.
"If they go into May for some reason - because of objections property owners could raise - then that could create some problems," he said.
Grant Family Farms will play no role in the operation, he said.
The 2,000-acre farm, started in 1953 by Colorado State University professor Lewis Grant and his son Andy, shut down on Dec. 28 when it filed for Chapter 7 bankruptcy protection.
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