Develop Fulton Board Approves $56.5M Initiative for Innovation
Develop Fulton Board Greenlights Major Bond for Innovation Center
The Develop Fulton Board of Directors has made a significant move by unanimously approving a bond resolution to support Project Phoenix. This ambitious research and development initiative, backed by global battery leader Duracell, is set to transform the landscape for innovation in the area.
Exciting Advancements in Midtown Atlanta
This bond resolution paves the way for the next essential phase of the proposed Global Innovation Center, with an investment of $56.5 million aimed at establishing Duracell’s R&D headquarters in Midtown Atlanta.
A Commitment to Economic Growth
The approval signals strong momentum behind efforts intended to secure this opportunity for economic development, reflecting the Board's unwavering dedication to fostering a thriving business environment. Kwanza Hall, Chairman of Develop Fulton, expressed confidence in Project Phoenix, highlighting its potential to energize economic development across the region.
Project Phoenix and Its Impact
Project Phoenix is projected to create approximately 110 high-paying jobs, with an average salary of $120,000 annually, in addition to 50 temporary construction jobs. This initiative will also spur indirect opportunities for local vendors and contractors. Plans indicate that Develop Fulton will issue $31.5 million in bonds to facilitate equipment procurement, marking a significant investment overall from Duracell.
Infrastructure and Economic Benefits
Duracell’s facility in Midtown will feature cutting-edge laboratories and technical equipment, instrumental for the company's global R&D operations. According to projections from Develop Fulton, this opportunity could result in over $1.7 million new personal property tax revenue over the following decade, contributing fresh tax revenues across various jurisdictions.
Investment in Innovation and Collaboration
Executive Director Sarah-Elizabeth Langford indicated that this bond resolution is a clear message that Fulton County prioritizes innovation, investment, and inclusive growth. Develop Fulton aims to collaborate with the Georgia Department of Economic Development and local partners to ensure this world-class development takes root and flourishes.
Community Benefits and Ongoing Commitment
Project Phoenix aligns with the state’s focus on economic development and is endorsed by the Georgia Department of Economic Development as well as Select Fulton. Hall emphasized that the initiative strikes a balance by generating high-paying jobs and promoting significant community benefits.
Driving Future Growth
The board’s collective decision underscores a steadfast commitment to attracting transformative projects that deliver not only economic returns but also enhance the quality of life for the residents of Fulton County.
About Develop Fulton
Develop Fulton serves as the development authority for Fulton County, steering inclusive economic growth by enhancing investments, creating jobs, and revitalizing communities. Their mission is to stimulate bold initiatives that reinforce neighborhoods and position the county as a focal point for innovation and opportunity.
Frequently Asked Questions
What is Project Phoenix?
Project Phoenix is a research and development initiative led by Duracell aimed at establishing a Global Innovation Center in Midtown.
How much is the investment for the innovation center?
The project involves a total investment of $56.5 million for the development of the center.
What job opportunities will Project Phoenix create?
It is expected to generate about 110 high-paying jobs along with temporary construction positions.
What are the expected financial benefits from this project?
The initiative is projected to generate over $1.7 million in personal property tax revenue over ten years.
Who supports Project Phoenix?
The project has backing from the Georgia Department of Economic Development and local community partners.
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