(Atlantic) KSOM/KS95 News continues its series on the Vision Atlantic Initiative, an $84 million project aimed at reshaping the community with 142 new housing units, an expanded YMCA, and a new childcare development center with space for 300 children.
Vision Atlantic President Christina Bateman explained that the project relies on three primary funding mechanisms. The first, she said, comes through a significant commitment from the Charles E. Lakin Foundation—an $8.6 million grant dedicated to the YMCA expansion and the childcare center. Of that total, $2.1 million is earmarked for the childcare center, while $6.4 million supports the YMCA project.
Bateman emphasized that securing the grant requires the community to meet key fundraising benchmarks. Vision Atlantic must raise 80 percent of the needed funds for both the YMCA and childcare center by December 31, 2025, and reach 100 percent by December 31, 2026. The $8.6 million grant will only remain in place if those goals are met.
She added that, overall, $39 million in fundraising is needed to move the projects forward.
Bateman outlined the second funding source as a $23 million endowment from the Charles E. Lakin Foundation, transferred into a field of interest fund at the Community Foundation of Western Iowa. The fund is dedicated exclusively to housing and essential commercial development in Atlantic and is designed to last indefinitely.
She explained that Vision Atlantic, as the local nonprofit, can borrow from the fund to build new homes, then repay the principal plus a two percent interest rate once the homes are sold. This repayment not only replenishes the fund but also allows it to grow, creating a sustainable, revolving source of financing that can be used repeatedly for future projects.
Bateman said that once the Camblin Hills project is completed, Vision Atlantic will reassess the community’s needs—whether that means focusing on additional housing or shifting attention to commercial development.
Bateman explained that the third funding bucket is tied to the $23 million fund held at the Community Foundation for Western Iowa. Each year, up to five percent of the fund’s value is granted back to support nonprofit initiatives in the community. In Vision Atlantic’s case, Bateman said the goal is to direct a significant portion of that annual distribution toward reducing childcare costs for families and increasing wages for staff at the new child development center.
Bateman encouraged community members to visit the Camblin Hills housing development site, noting that the property will see significant changes over the next four to six weeks.
