PHENIX CITY, AL (WTVM) - Eighteen new businesses or business expansions have Phenix City blossoming into a booming hub right along the river, and with new business comes new money.
"Based upon confirmed new money coming into the city -- that's industries coming and the money they have invested and new retail establishments and the hotel, etc. -- we have $89,494,000 of new investment in Phenix City just since November of 2012," said Steve Smith, Phenix City's Director of Finance.
Each business pays a city property tax, which Smith explains goes to help fund the local schools.
"The school systems, both here in Phenix City and Russell County School System will benefit from that additional property tax," Smith says. "That's one of the major funding sources of your local schools is your local property tax. They also get a share of 1 percent of the sales tax."
The most substantial of those being the multimillion dollar expansion of manufacturer ILJIN Alabama, Incorporated, the expanding JVL Laboratory which serves Vogue International, then The new Troy University Campus and the new Marriott hotel on 3rd Avenue. Altogether the projects put more than 500 people in the Chattahoochee Valley to work, giving way to a positively productive Phenix City, Smith says.
"That enhances the quality of life for all of us," Smith adds. "And it brings in new taxes that enables the city to upgrade its services and do more for our citizens."
To date, Phenix City has seven industrial projects that have been complete or are in progress to be complete and 11 retail or other revenue generating projects such as new restaurants. For a look at the complete list of projects, click on the attached photo to this story.