Establishes definitions for the beginning farmer program, including:
“Agricultural assets” means agricultural land, livestock, facilities, buildings and machinery used for farming in the state.
“Beginning farmer” is a resident of the state who is seeking to farm or has entered into farming within the last ten years; intends to farm on land in Minnesota; and is not related to the owner of agricultural assets that the farmer intends to rent or purchase. The beginning farmer must also meet several criteria, as determined by the Rural Finance Authority.
“Share rent agreement” means a rental agreement wherein the principal consideration to the owner of agricultural assets is a predetermined amount of the production of farm products produced from the rented agricultural assets and which provides for sharing production costs or risk of loss, or both.