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What Now? - Porter Elevator Auction on March 31 Ends
With No Sale of Facility
The Porter Elevator Auction at Marshall's AmericInn on March 31
ended in an unexpected way. After Bidding Seperately for the
Elevator Facility and Equipment packages, a combined auction of
both packages together was conducted. The result after several
bids between Hendricks Farmers Grain Company and Farmers
Cooperative Elevator, based in Hanley Falls, was a bid of
$710,000 by FCE for both packages. After a 5 minute recess from
the auction, it was announced that the Trustee and Secured
Parties had rejected the bid and the elevator would not be sold.
The results left the standing-room only crowd shocked, wondering
what will be next for the Porter Elevator facility, a question
that remained unanswered by the Bankruptcy Trustee. Unconfirmed
reports are that the total bids from the sale came in $2.5
million less than was being required by the secured parties.
The sale of the elevator property itself was contingent upon
approval from The United States Bankruptcy Court. Had the bid
been accepted, it would have been a two to threem month process
before the sale was officially approved, but allowing time for
the facility to be prepared and open for the busy harvest
season. With the final bid price from the auction being
unacceptable to the secured parties, it is unknown if an when
the facility will reopen to serve our local community once
again. Now the question stands, what's next for the Porter
Elevator and the huge void it leaves in the Porter community and
Here are the results from the auction:
-Package A (Elevator Property and
buildings) - $500,000 - Farmers Coop Elevator. Subject to
approval by US Bankruptcy Court.
-Package B (Bunkers) - No Bid
-Package C (Equipment) -
$130,000 - Hendricks Farmers
-Package D (Semis, Trailers)
- $155,000 - Hutt Oil Company
Package A and C were later bid together
with a starting bid of $680,000 with Hendricks and FCE bidding.
FCE's final bid was $710,000, which after a 5 minute recess the
bid was rejected by the trustee and secured parties. The original $500,000 bid for
Package A was also rejected.
Bills Introduced in Minnesota Legislature to Prevent
Future "Porter Elevator" Type Incidents
District 16A Representative Chris Swedzinski has introduced
House File 3186. The bill is co-authored by 6 other members of
the House of Representatives and was introduced on March 16 and
referred to the House Committee on Agriculture Policy, which is
chaired by Rep. Paul Anderson, a co-author of the bill from
District 16 Senator Gary Dahms has authored a
companion bill in the Senate, Senate File 3161, that was heard
on March 23 and referred to the Senate Committee on Jobs,
Agriculture and Rural Development.
The Bill would establish a grain credit contract indemnity
program established, bond amounts for licensed grain buyers
increased, portion of sales tax revenue derived from the sale of
grain bins dedicated, sales tax on grain bins eliminated, gross
receipts tax for grain bins established to fund the indemnity
payments if program funding falls below a threshold amount, and
This bill is retroactively set to take effect on January 1,
2015 so that it would specifically assist farmers impacted by
the Porter Elevator Closure and Bankruptcy through which dozens
of farmers lost millions of dollars combined in deferred
payments that were due in January 2016.
The full text of the bills can be accessed here:
House File 3186
Senate File 3161
Contact members of the legislature to share your opinion on
these proposed bills!
Porter Elevator Stored Grain Sold
The United States Department of Agriculture has completed the
sale of all stored grain located at the now bankrupt Porter
Elevator, and has contracted the hauling of the grain to other
facilities. Begining on Monday, February 22, Farmers Cooperative
Elevator of Hanley Falls, which has branches in Taunton and
Minneota, began hauling all grain stored at the Porter Elevator.
Corn commodities have been sold to ADM Corn Procesing in
Marshall and Soybean commodities have been sold to AGP
Cooperative in Dawson. Farmers owning grain in storage at the
Porter Elevator will receive payment from the USDA once the
sales are complete.
Consumer Confidence Report Released
The 2015 Porter City Water System Consumer Confidence Report has
been published. To view the report click on "City Government"
under the Explore Porter heading and then click on the "City
Porter Community Hall Shadow Boxes Complete
New shadow boxes have been built in the Porter Community Hall
and will be used to display memorabilia from Porter's past. If you
have any items you wish to donate to the city to have displayed,
please contact any city council member. Original or high-quality
newspaper articles will be accepted.
Porter Community Hall Information
Check out the new area of our website with information about the
Porter Community Hall.
Porter Event Photos
Do you have photos of Harvest
Festival, the Porter Auction or other events? Email them to
caption descriptions and they will get posted to the Porter
Keeping The Community Informed Has Never Been Easier
Now it is even easier to pass the
word about events in Porter and the surrounding area. Simply
fill out the information form at the bottom of the all new
Community Events and Calendar
Page and submit your event. Your submission will be validated
and posted to the calendar promptly!
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