More businesses will save on imports thanks to the expansion of the Foreign-Trade Zone around Lambert-St. Louis International Airport, according to an expert in foreign-trade zone law.
“The ability to defer, reduce or eliminate customs duties on certain imported goods are among the many cost-saving benefits to businesses,” Scott Taylor, a partner with Kansas City-based law firm Miller & Co., said in an address Monday.
About 100 real estate professionals, logistics firms and other companies attended a seminar hosted by the St. Louis County Economic Council and the St. Louis County Port Authority at the Hilton Garden Inn St. Louis Airport.
“These products can be admitted into zones for storage, exhibition, assembly, manufacturing or processing,” Taylor said.
The U.S. Department of Commerce recently approved an 820-acre expansion of the Foreign-Trade Zone around Lambert from 11 acres. The department also awarded a $1.7 million grant to the St. Louis County Economic Council to conduct market research, gauge local interest in the project and perform outreach to other Midwestern states.
In addition to Lambert, the FTZ expansion sites include developable land and leasable space at NorthPark, a 550-acre redevelopment located east of Lambert; Hazelwood Commerce Center, an industrial park on nearly 170 acres, directly northwest of Lambert and Interstates 70 and 170; and Lindbergh Distribution Center, a 528,000-square-foot distribution warehouse on 25 acres owned by Duke Realty LP, located southwest of the former Ford plant in Hazelwood.
Taylor’s presentation outlined the specifics of the FTZ program and the benefits of incentives located within one of these designated zones.
The expanded FTZ also is a step in establishing the St. Louis region as the Midwest air cargo hub for commercial trade with China. Local leaders recently visited China once again in an effort to continue fostering this partnership.
In January, Zhou Wenzhong, China’s ambassador to the United States, and local leaders announced the formation of a commission aimed at bringing Chinese air freight to Lambert. Michael Jones, chief policy adviser for St. Louis County, has been named chairman of the Midwest China Hub Commission.
Source: http://www.bizjournals.com/
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