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Tue August 23, 2011
City, school district approve Foreign-Trade Zone
By Scott Harvey
Commerce – The establishment of a Foreign-Trade Zone to boost the capability of the local economy now seeks approval from the federal government.
The Commerce City Council and Commerce ISD Board approved resolutions last week for the FTZ, which has also been presented to the City of Greenville and Greenville ISD.
In conjunction with the Greenville Board of Development, the Commerce Economic Development Corporation is seeking FTZ status, which would provide corporations who do international business tax exemptions on imported goods, and those held for export.
In Commerce, more than 40 acres of land east of the Zurn building along Highway 11 have been identified as possible FTZ sites. The property being designated is a Greenfield, therefore; no current inventory.
The Greenville Board of Development will serve as the grantee for the $100,000 application, to be paid for by Walton Development and Management, Inc.; a land management and land development company.
The application comes at no cost to the four Hunt Count taxing entities, but if approved, could bring in new business and spur economic growth.