Business View Magazine | November 2020

292 BUSINESS VIEW MAGAZINE NOVEMBER 2020 corridor, along with the Mayo Clinic, and that it spurs more medical uses in the area.” Fountain Hills is growing at an average rate of 1.3% annually with a total population increase of 11.9% since the latest census. According to Smith, “The population of Fountain Hills is around 25,000, and it is growing. The town has witnessed a stream of new housing permits, including multi-family units, despite the pandemic and ensuing economic challenges. So, people are investing in and moving to Fountain Hills, which is great for the area.” The town’s primary source of tax revenue is local sales tax along with state-shared revenues from the State of Arizona, which distributes a portion of state tax revenues to cities and towns based on their populations. There is no primary property tax in Fountain Hills. Smith notes, “We are a residential community and have a lot of smaller, mom-and-pop employers in the area. Fountain Hills also has a business incubator housed in a former elementary school. The facility is home to the only company in the US that manufactures watch movements. Infrastructure projects to enhance the town are ongoing. The town is celebrating the 50th anniversary of the fountain, and improvements are being planned to the fountain’s infrastructure. Another project is along a major corridor in Fountain Hills that connects Shea Boulevard with the Town Center. “That stretch is being widened,” says Wesley. “Another interesting development is that Fountain Hills is getting its first roundabout. That is currently under construction.” Cities and towns everywhere are rejuvenating and reimagining their downtown areas to attract a younger generation of workers who are less inclined to want to live in a large house in the suburbs and are more interested in renting than buying. Many municipalities are revising their zoning ordinances to allow for more residential properties than commercial ones, and