(Atlantic) Our second installment in a series of stories on Vision Atlantic’s transformative project focuses on funding.
Vision Atlantic has identified three priorities to grow Atlantic’s population: expanded childcare, quality housing, and improved amenities. The project includes a 144-unit housing development, a 300-capacity child development center, and an expanded YMCA. Infrastructure work is already underway.
The organization aims to raise $39 million for the YMCA expansion and child development center, with $23 million raised so far—including an $8.6 million lead grant from the Charles E. Lakin Foundation. The Foundation also established a $23 million fund to finance housing construction in Camblin Hills, with interest partially benefiting the child development center.
Vision Atlantic President Christina Bateman said the best way to break down explaining the funding is to visualize three buckets; three different ways the Lakin Foundation is helping Atlantic and this project.
The second bucket: Bateman said the Lakin Foundation has transferred $23-million into a Community Foundation Field of Interest Fund at the Community Foundation for Western Iowa.
Bateman said that the third way the Lakin Foundation is contributing is essentially structured like an endowment fund.
Vision Atlantic Committee Member Bailey Smith explained that the Lakin Foundation’s funding is separate from the initiatives for which Vision Atlantic continues to raise money.
So, what will property taxes look like for residents and businesses in Atlantic as a result of this project?
Vision Atlantic continues to seek the remaining $15.9 million. For more information, or to donate, email visionatlanticiowa@gmail.com or visit www.visionatlantic.org.
The full interview is posted below.
