Commerce – A Foreign-Trade Zone (FTZ) in Hunt County, specifically within the boundaries of Greenville and Commerce, is projected to enhance the economic viability for both cities.
The Commerce City Council will consider a resolution supporting the measure when it meets Tuesday.
The program is designed to level the playing field for U.S. plants engaged in international trade-related activities by providing special customs procedures. With FTZ status, inventory tax is exempted on imported goods, and those held for export.
Commerce Economic Development Executive Director Bonnie Hunter has identified more than 40 acres of land east of the Zurn building along Highway 11 as a possible FTZ site. FTZ status can be an added enhancement when marketing the property.
The Greenville Board of Development will serve as the grantee for the $100,000 application, which comes at no cost to the City of Commerce or CEDC. Teaming with Greenville and applying as a county project increased the chances of the Zone designation being awarded.
The agenda item is part of Tuesday's regular meeting beginning at 6 p.m. at Commerce City Hall. Ron Robinson of the Greenville Board of Development will be present to further explain the application.