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Fairhope was founded in November 1894 on the site of the former Alabama City as a radical, utopian socialist Georgist "Single-Tax" colony by the Fairhope Industrial Association, a group of 28 followers of economist Henry George who had incorporated earlier that year in Des Moines, Iowa. Their corporate constitution explained their purpose in founding a new colony: to establish and conduct a model community or colony, free from all forms of private monopoly, and to secure to its members therein equality of opportunity, the full reward of individual efforts, and the benefits of co-operation in matters of general concern. In forming their demonstration project, they pooled their funds to purchase land at "Stapleton's pasture" on the eastern shore of Mobile Bay and then divided it into a number of long-term leaseholds. [ citation needed ] The corporation paid all governmental taxes from rents paid by the lessees, thus simulating a single-tax. The purpose of the single-tax colony was to eliminate disincentives for productive use of land and thereby retain the value of land for the community.