2 weeks Ago
ATLANTA , April 22, 2025 /PRNewswire/ -- The Develop Fulton Board of Directors today unanimously approved a bond resolution supporting Project Phoenix, a transformational research and development initiative led by global battery manufacturer Duracell. This key action clears the path for the next critical phase of the company's proposed $56.5 million Global Innovation Center to house its R&D headquarters in Midtown Atlanta.
The Board's approval comes after a preliminary inducement was granted on October 22, 2024 , and reflects strong momentum behind efforts to secure this high-impact economic development opportunity for Fulton County . "Today's vote reaffirms our board's confidence in the transformational potential of Project Phoenix that continues to energize economic development for Fulton County as a whole," said Kwanza Hall, Chairman of Develop Fulton. "Duracell's vision for innovation aligns with our priorities to attract world-class employers, support cutting-edge research, and deliver real economic value to our residents.
Here's just another example of the power of collaboration among state and local leaders." Project Phoenix , as the Duracell deal was previously referenced in earlier board considerations due to non-disclosure agreements, is expected to generate approximately 110 new high-wage jobs averaging $120,000 annually, along with 50 temporary construction jobs and indirect opportunities through vendors and contractors. Project plans outlined $31.
5 million in bonds to be issued by Develop Fulton for equipment, with a total $56.5 million in total capital investment by Duracell. Duracell's Midtown Atlanta location would house state-of-the-art laboratories and technical equipment to support the corporation's global R&D operations.
Based on Develop Fulton's projections, the opportunity is projected to deliver over $1.7 million in new personal property tax revenue over a 10-year period, which is all new tax revenue for the various taxing jurisdictions, along with boosts in sales taxes and business licensing revenue. "This bond resolution serves as a resounding signal that Fulton County is serious about innovation, investment, and inclusive growth," said Sarah-Elizabeth Langford , Executive Director of Develop Fulton.
"We're proud to work alongside the Georgia Department of Economic Development, Fulton County and key local partners to ensure that this world-class development finds its home in our county." Project Phoenix is a state-prioritized economic development opportunity, supported by the Georgia Department of Economic Development and Select Fulton. "For Develop Fulton, this is a win-win project that checks every box by offering high-paying jobs, global brand investment, and long-term community benefits," said Hall.
"The board's unified action demonstrates a continued commitment to attracting transformative projects that bring both economic returns and quality-of-life enhancements to the residents of Fulton County ." About Develop Fulton Develop Fulton serves as the development authority of Fulton County , driving inclusive economic growth through strategic investment, job creation, and community revitalization. The authority works to advance bold, future-focused initiatives that strengthen neighborhoods and position Fulton County as a national destination for innovation and opportunity.
CONTACT: Erik Burton 770-294-8475 [email protected] SOURCE Develop Fulton.
