(Atlantic) — The Vision Atlantic weekly radio series continues to highlight the community-shaping initiatives under the Vision Atlantic 142 mixed housing project, a 300-capacity childcare center, and an expansion of the YMCA.
This week’s segment features the Charles E. Lakin Foundation, which has pledged $8.6 million to support both the childcare center and YMCA expansion. In addition, the Foundation has made a transformational $23 million commitment to help launch the community’s new mixed housing development.
The Foundation plans to loan these funds to communities at a low interest rate of 2%, providing affordable capital to spur development. As John Hoich, Vice-President of the Charles E. Lakin Foundation, explains, the goal is to help communities build, succeed, and eventually repay the funds, ensuring the money can be reinvested repeatedly, in perpetuity.
The Foundation operates from a unique 14-acre campus on 16th Street in Council Bluffs and currently serves around 19 nonprofit organizations. Hoich says the Foundation’s board—comprising members of the Lakin family, Steve Wild, and himself—has committed to honoring Charles Lakin’s legacy by dedicating two-thirds of the Foundation’s assets, projected to total approximately $165 million over the next five years.
Hoich credits Christina Bateman, Vision Atlantic President, and the committee for having the vision to develop the 49 acres of land donated to them by the city.
Hoich says Atlantic is the largest city among 51 cities in six counties, and the foundation is loaning the money, too.
Vision Atlantic is investing $4.1 million in infrastructure, $48.8 million in housing, and $10.7 million in a 300-capacity childcare development center on 49 acres on the south edge of Atlantic.
The project includes 142 mixed-use units, comprising townhomes, duplexes, single-family homes, tiny homes, and lots for sale, as well as a park and biking and walking trails. The development is slated to offer a total financial impact of $48 million on the Atlantic area.
The entire interview with John Hoich is on the sound bar below:
