|
|
For
Immediate Release:
Foreign
Trade Zones Sites Designated in Medina County
KENT, OHIO, October 27, 2006 – The Foreign-Trade
Zones Board in Washington, D.C., recently
approved an application designating four industrial parks in Medina
County as foreign-trade zone
(FTZ) sites. The application was submitted under the Foreign-Trade
Zone #181 program
administered by the Northeast Ohio Trade & Economic Consortium
(NEOTEC), a regional economic
development partnership of 10 Northeast Ohio counties including Medina
County.
The sites, which are the first four FTZ sites in the county, include
Beacon Transportation Park
in Seville at I-76 and I-71, Brunswick Commerce Center in Brunswick
along I-71, Portside Corporate
Park on State Route 18 in Sharon Township and Wadsworth Corporate
Park in Wadsworth
Township.
“With the designation of these foreign-trade zone sites, we
have another important business
development tool available to help attract new investment to Medina
County,” said Jim Doutt,
Executive Director of the Medina County Economic Development Corporation. “The
benefits
offered by the Foreign-Trade Zone program can mean tremendous cost
savings for companies who
do business internationally. That’s why the availability of
foreign-trade zone sites is crucial to
Medina County’s economic development efforts in today’s
global economy,” Doutt said.
The recent expansion application approved by the Foreign-Trade Zones
Board also designates
the first foreign-trade zone site in Wayne County, as well as additional
locations in Richland, Stark
and Summit counties. “This application brings Medina and Wayne
counties into one of the top performing
FTZs in the country,” said Ron DeBarr, president and CEO of
NEOTEC, which
administers the FTZ #181 program. “FTZ 181 ranked #8 in total
volume among the 260 zones in the
U.S. in 2004, and the continued strength of the program will mean
even more opportunities for
business growth in our region in the years to come,” DeBarr
said.
The Foreign Trade Zone Program helps to level the playing field
with foreign competition by offering a variety of benefits to assist
companies engaged in international commerce, including deferral,
reduction or elimination of duties; elimination of drawback; labor
overhead and profit not calculated in dutiable sale of zone merchandise;
tax exception for inventory while stored in an activate FTZ; weekly
entry to reduce merchandise processing fees; and direct delivery
which reduces transit times.
NEOTEC is a private, nonprofit regional economic development partnership
of 10 Northeast Ohio counties including Ashtabula, Columbiana, Mahoning,
Medina, Portage, Richland, Stark, Summit, Trumbull and Wayne counties. NEOTEC
provides economic development services on behalf of the Joint Office
of Economic Development (JOED), which is comprised of the commissioners
and county executive of the 10 member counties. In addition to administering
the Foreign-Trade Zone program, the organization works as a regional
force to improve market access though the administration of the
Northeast Ohio Logistics Network, and to promote international trade
through the services of the International Trade Assistance Center
(ITAC).
More Tax & Financing Incentives Links
|
