The Toledo-Lucas County Port Authority has been the grantee of the Foreign Trade Zone 8 since 1971 and has recently been approved for the reorganization and expansion of the Zone under the Alternative Site Framework to serve Fulton, Erie, Ottawa, Paulding and Williams Counties. The addition of these counties now doubles the size of the current framework, which includes Sandusky, Henry, Wood, Lucas and Defiance Counties.
“The expansion of the Foreign Trade Zone Framework into Erie, Fulton, Ottawa, Paulding and Williams Counties provides economic development professionals in each of these counties with another tool for attracting and retaining companies that import materials for manufacturing and distribution,” said Paul Toth, President and CEO of the Toledo-Lucas County Port Authority. “The Foreign Trade Zone Program is a natural fit with our logistical advantages and strengthens the entire northwest Ohio region as we compete for new opportunities and developments.”
Companies within these counties that have a need for Foreign Trade Zone status will no longer have to wait for the traditional process of request, review and approval of a subzone, and will now enjoy an almost immediate extension of the Foreign Trade Zone benefits.
The Foreign Trade Zone Program is a trade program designed to offer certain specific benefits to the users. Each potential user must analyze the relevant facts and circumstances to determine and to quantify the potential benefits of operating or using a Foreign Trade Zone. Foreign Trade Zones are secured areas located in or near U.S. Customs ports of entry, but legally considered to be outside the customs territory. For additional information on Toledo’s Foreign Trade Zone Program, go to www.toledoportauthority.org/ftz8.