(Cass Co) The Cass County Board of Supervisors discussed the use of Local Option Sales Tax toward Vision Atlantic’s economic development project.
Vision Atlantic aims to grow Atlantic’s population by focusing on expanded childcare, quality housing, and improved amenities. Infrastructure for the 142-unit Camblin Hills housing project and a 300-capacity child development center is nearly complete, with home construction starting this summer. The center and a YMCA expansion will begin later this year.
The organization has raised $23.2 million toward a $39 million fundraising goal, including an $8.6 million lead grant from the Charles E. Lakin Foundation. The Foundation also created a $23 million investment fund for home construction. As loans are repaid, up to 5% of interest will support child center operations.
Vision Atlantic is working to raise the remaining $15.7 million. They must raise 80 percent of the required funds to qualify for the $8.6 million grant from the Charles E. Lakin Foundation. This means the organization still needs commitments totaling at least $7 million in order to receive the grant. These funds, and the grant, will go toward the Child Development Center and YMCA expansion.
Vision Atlantic Vice President Nick Hunt admitted that fundraising has slowed.
Vision Atlantic requested at least $2.5 million from the County.
Auditor Kathy Somers told the Board that LOST (Local Option Sales Tax) can be used for community betterment, which this project qualifies for. She said they have $1 million in the LOST fund. However, she said they would have to wait until the next budget year, FY27.
The Supervisors discussed the possibility of committing $500,000 per year to Vision Atlantic for five years from the LOST fund.
After a lengthy discussion, the board agreed to explore how to make the funding feasible.
