Subject:
Title
Resolution approving the reorganization and expansion of Foreign Trade Zone 193 under the Alternative Sites Framework model.
label
Recommended Action
Recommended Action
Adoption of a resolution approving the reorganization of Foreign Trade Zone (FTZ) 193 under the Alternative Sites Framework (ASF) framework with the proposed service area to include Pinellas, Pasco and Hernando Counties.
Body
Strategic Plan:
Foster continual economic growth and vitality
4:1: Proactively attract and retain businesses with targeted jobs to the county and the region.
Summary:
By reorganizing and expanding FTZ 193 under the ASF model, we can better meet the needs of the trade community while collaborating with our regional economic development partners.
Background Information:
U.S. FTZ’s are considered outside of U.S. commerce for Customs purposes, enabling companies to defer duty payments on merchandise until it is entered into U.S. commerce. If the merchandise is re-exported from the FTZ, no Customs entry is filed and no duty is paid on the merchandise. As Grantee of FTZ 193, Pinellas County Economic Development seeks to provide greater access to FTZ benefits for not only Pinellas companies, but for Pasco and Hernando County companies as well. The ASF model provides a much more flexible framework that offers shorter timelines for site approval. Under the ASF model, we will be able to more effectively promote the benefits of the FTZ program which will assist us in achieving not only our recruitment goals, but also in supporting local expansions.
Fiscal Impact:
N/A
Staff Member Responsible:
Michael Meidel, Director, Economic Development Department
Partners:
Pasco County, Hernando County