Develop Fulton Board Approves $56.5 Million Bond for Project Phoenix in Atlanta
Fulton County’s Commitment to Innovation
In a pivotal move for economic development, the Develop Fulton Board of Directors has voted unanimously in favor of a bond resolution to support Project Phoenix. This initiative marks a significant step toward establishing a $56.5 million Global Innovation Center in Midtown Atlanta, led by the renowned battery manufacturer, Duracell.
What is Project Phoenix?
Project Phoenix is envisioned as a transformative research and development center that will not only spearhead innovative solutions in battery technology but also further bolster economic prospects for Fulton County. The center is expected to house state-of-the-art laboratories and cutting-edge technical equipment that will support Duracell’s global research and development operations.
Economic Impact
One of the most compelling aspects of Project Phoenix is its expected contribution to local employment. The initiative is projected to create around 110 new high-wage jobs, with an average annual salary of $120,000. Additionally, it will generate approximately 50 temporary construction jobs during the center's development phase, alongside a variety of indirect employment opportunities through various contractors and vendors.
The total investment from Duracell includes $31.5 million in bonds to be issued by Develop Fulton for crucial equipment purchases as part of a broader investment plan. The local economy is set to benefit from new revenue streams as the project is estimated to yield over $1.7 million in personal property tax revenue over the course of ten years. This influx of tax revenue promises significant boosts in local sales taxes and business licensing revenues.
Voices of Support
Kwanza Hall, Chairman of Develop Fulton, expressed his excitement regarding the board's decision, emphasizing that it underscores their commitment to advancing key economic opportunities for the region. He stated, "Today's vote reaffirms our board's confidence in the transformational potential of Project Phoenix. This initiative continues to energize economic development in Fulton County."
Sarah-Elizabeth Langford, Executive Director of Develop Fulton, echoed Hall's sentiment, reiterating the importance of innovation and investment for the community. She remarked, "This bond resolution serves as a resounding signal that Fulton County is serious about innovation, investment, and inclusive growth."
The Broader Picture
Project Phoenix aligns with the state’s priorities and comes on the heels of a preliminary inducement that was granted in October 2024. This indicates strong governmental backing, not only from local officials but also from the Georgia Department of Economic Development.
As Fulton County continues to evolve, projects like Phoenix highlight the importance of collaboration among various stakeholders at both state and local levels. The increasing investment in high-wage jobs and research initiatives positions Fulton County favorably as a hub for innovation and sustainable economic growth.
Duracell’s headquarters in Midtown Atlanta is designed to be a model of modern R&D facilities that can attract further investments and top talent from across the globe. With an increasing global focus on sustainability and innovation in energy solutions, this initiative is perfectly timed to place Fulton County at the forefront of the energy revolution.
In conclusion, Project Phoenix not only reflects a commitment to economic development but also underscores the power of transformative projects that prioritize innovation, job creation, and community well-being. The unanimous approval by the Develop Fulton Board signals a robust and hopeful future for economic development initiatives in the region.