Northeast Indiana Foreign-Trade Zone expands again

 

City of Fort Wayne seal

 

News release from the City of Fort Wayne:

Northeast Indiana Foreign-Trade Zone Expands Again
All 92 Indiana Counties Now in a Trade Zone Area

(March 1, 2016) – Another Indiana county is now part of the area’s Foreign-Trade Zone, which will allow more area businesses to take advantage of reduced U.S. Customs expenses on imported or exported materials.

The U.S. Department of Commerce approved the City of Fort Wayne’s application to include Randolph County in Foreign-Trade Zone 182’s service area that currently includes Adams, Allen, Blackford, DeKalb, Huntington, Noble, LaGrange, Steuben, Wabash, Wells and Whitley counties. Until now, Randolph County was the only county in Indiana that was not part of any Foreign-Trade Zone’s service area.

“We’re looking forward to our region working with Randolph County and offering the advantages of being located within the Foreign-Trade Zone,” said Fort Wayne Mayor Tom Henry. “This innovative approach will help boost economic development efforts and allow more businesses to maximize opportunities to promote growth for international business.”

“The community of Randolph County is pleased with this important approval for membership in the Foreign-Trade Zone 182 District,” said Bruce W. Hosier, executive director of the Randolph Economic Development Corporation. “Given the circumstances of the global business presence in our communities, this asset will put in place another important piece of the puzzle, in helping build our Economic Development capacity and securing a better path forward for those we have the privilege of serving. We appreciate the partnership and the efforts of Elissa McGauley, in helping us achieve this goal.”

Participation in a Foreign-Trade Zone allows U.S.-based companies to defer, reduce or even eliminate U.S. Customs duties on goods and materials admitted to the zone. A Foreign-Trade Zone is designated by the U.S. Department of Commerce Foreign-Trade Zones Board. It allows foreign and domestic merchandise to be admitted to the U.S. for operations such as storage, exhibition, assembly, manufacture and processing, without being subject to formal customs entry procedures, the payment of customs duties or the payment of federal excise taxes until the finished goods leave the zone and enter the United States for domestic consumption.

The City of Fort Wayne is the Grantee for FTZ 182 and the program is managed by Elissa McGauley, Economic Development Manager. The City of Fort Wayne, along with Greater Fort Wayne, Inc. works closely with Fort Wayne International Airport and economic development organizations in the service area to promote the Foreign-Trade Zone throughout the region. McGauley worked with the zone’s foreign-trade zone consultant, Scott Taylor of Miller & Company P.C. to prepare the zone’s most recent service area expansion request.

The local trade zone’s brand is BizFTZ, pronounced, “Biz Fits”. The website www.bizFTZ.com provides complete information about Foreign-Trade Zones and links businesses to resources that can help a company understand, evaluate and start the process to operate in the zone.

 

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