State buys farm for $11.3M, most expensive land buy to date
BILLINGS, Mont. (AP) — The Montana State Land Board approved the most expensive land purchase in the history of the state.
The Billings Gazette reports Montana bought a farm 25 miles northwest of Miles City in Rosebud County for $11.3 million.
The deal is set to close Friday.
The 27-square-mile (70-square-kilometer) Angela Farm property was originally supposed to be an even larger purchase. Another 11 square miles (28.5 square kilometers) that was supposed to be phase two — an additional $4.1 million acquisition — was dropped for not meeting the state’s rate of return criteria and due to a lack of funding.
Money for the property comes from the state’s Land Banking fund, cash acquired from the sale of other state parcels.
Information from: The Billings Gazette, http://www.billingsgazette.com