Riverside County officials and economic development advocates in the Coachella Valley are seeking an expansion of the long-dormant Foreign Trade Zone around Palm Springs International Airport.
If an expansion is ultimately approved by the U.S. Department of Commerce it would allow communities within the expanded zone -- which could include Banning, Cabazon and towns in the desert area -- to offer incentives to businesses looking to relocate and offer the same advantages to existing businesses.
Palm Springs is one of three Inland Southern California communities with Foreign Trade Zones, which allows companies, usually manufacturers, to import raw materials directly to a factory located within a zone and assemble them for export without paying import duties and other fees. Other zones are at the former March Air Reserve Base and Victorville.
But the Palm Springs zone, the area's oldest, has not been active since it came into being in 1999, something economic leaders in the area want to change.
"I do know it's a great tool," said Thomas Flavin, president and CEO of the Coachella Valley Economic Partnership. "We are working with some companies that could take advantage of it."
Flavin said talks with these firms are "at various stages," and he said the list could include foreign-based companies. He added that the controversy over redevelopment zones in California and the possibility they could be eliminated makes the foreign trade advantage even more attractive.
"California doesn't have many other economic tools," Flavin said.
Banning has a growing manufacturing company, Performance Meter, which could take advantage of the duty-free break, said Andy Takata, Banning's city manager. The company makes components for water meters.
"We think it's a good idea, and we're hoping that will happen," Takata said of the designation. "It will help one business and maybe others."
Flavin said Palm Springs would formally request the expansion, and the county's Economic Development Agency is supporting the move. Tuesday the Board of Supervisors approved the expansion by a 5-0 vote and allocated $25,000 to offset the city's expenses, spokesman Tom Freeman said in an email.
Source: http://www.pe.com/business/local/stories/PE_Biz_D_ftz17.2eb4371.html
memphis moving services memphis moving and storage memphis piano moving
No comments:
Post a Comment