By MICHAEL RAYMOND, Associated PressFarm and ranch owners in rural parts of southern Oregon and northern California will get a cut of the $3 billion in debt payments that rural king titers will have to make to cover the next 10 years.
The King Tiler Farm, a $200 million farm in Southern Oregon, has a $2 billion cash and debt load.
The farm was one of several to be closed last year as the state grappled with the drought, and is expected to be the largest of its kind in the U.S.
The deal, reached Wednesday by state Agriculture Commissioner David Wilcox and Oregon State Treasurer Dan Sperling, was made after the Oregon Department of Agriculture and Consumer Services received a letter from King Tilt, which owns the King Tilla and King Tern farms.
The state is taking on $1.4 billion of the debt payments, according to Wilcox, a Republican who took office in 2016.
The money is set to be distributed to the farmers, who are mostly farmers who live on or near the farms, and to the landowners in the area, which includes most of the counties that make up Oregon.
Farmers in southern Oregon have been struggling to survive amid a record-breaking drought, while farmers in northern California are struggling with high unemployment and rising rents.
The debt payment is the first of the type the state has made to address the problems of rural agriculture.
Farmers across the country have been getting loans and help to pay for a variety of farm-related expenses.
In recent years, farmers in rural areas have gotten more help, with the U,S.
Department of Housing and Urban Development lending more than $15 billion in loans to help farmers in its portfolio of federally managed mortgage programs.
The agreement with King Tillas was reached as the Oregon and California governments grappled last year with the unprecedented drought that left nearly half of the state’s land and more than two-thirds of its rivers in water scarcity.
King Tilers, which are typically farmers who have lived in or near rural areas, said it would pay off about $500 million of the outstanding debt and help reduce the amount of land that is needed for farming by 20 percent.
The king titler was one or more of the first farm operations in Oregon to receive loans to finance construction of new farms.
It also owns more than 60 miles of trails in the state, including the famed Rose Bowl, the highest-ranked indoor basketball arena in the world.
The farm was in financial trouble as the drought hit in 2015 and 2016, and the state borrowed more than a million dollars to pay off the debt, according, to the state Department of Finance.
But it is still operating as normal, and Wilcox said the debt would not affect the farm’s ability to continue operating.
Wilcox said King Tilts decision to shut down its farms last year was prompted by concerns over a rising number of debt payments.
Wilcox’s administration also faced pressure from farmers who said they were unable to borrow money to cover debt payments to keep operations going.
Wilcox said the state will be able to keep operating as long as farmers pay the bills and keep the land that they have owned.
The debt payments are expected to help pay for the farm, he said.
The $2.3 billion payment to farmers comes as the agriculture industry is struggling with the ongoing drought.
The state is facing its worst drought since the 1950s and the number of droughts has been increasing.
The Oregon Agriculture Department has warned that the state may not be able keep up with the increasing demand for water.