Foreign Trade Zone Authorized for Dane County
FOR IMMEDIATE RELEASE 12/13/2005Issued By: AirportView only releases from Airport
FOR IMMEDIATE RELEASE
December 12, 2005
Contact: Sharyn Wisniewski (608) 661-6485 or 608 246-3380 x 378
Dane County Executive Kathleen Falk announced today that the Foreign Trade Zones Board of the U.S. Department of Commerce has granted authority for Dane County to establish a Foreign Trade Zone (FTZ), a move that could bring business development and jobs to Dane county.
“This is just what some businesses are looking for to expand operations here,” said Dane County Executive Kathleen Falk. “I want to thank Airport Director Brad Livingston and the Airport Commission for providing another tool to keep our economy strong in a global market.”
Bill White, chair of the DCRA Airport Commission, said, “The FTZ emphasizes one more time the unique value of the airport to southcentral Wisconsin’s economy.”
A Foreign Trade Zone is a specific area within the United States, located in or near a port of entry, where certain types of merchandise can be imported without going through formal customs entry procedures or paying import duties. Companies located in such zones are typically not charged tariffs on their product inventory until it is sold, which improves a company’s cash flow and saves substantial dollars.
The Dane County Regional Airport compiled the lengthy application to apply for FTZ status and two parcels of airport-owned land are included in the initial FTZ. The owners of property included in the FTZ will pay a fee to the airport to administer the FTZ.
The five sites approved in the initial application are:
· Two properties, totaling 123 acres, owned by the Dane County Regional Airport in proximity of the airport
· Five parcels, totaling 47 acres, owned by Capitol Warehousing Corporation, in the Village of DeForest, about three miles north of the airport
· Arlington Prairie Industrial Park, containing 213 acres in Columbia County
· Six parcels in the Center for Industry and Commerce, in an area east of Hwy. 51 and west of I-39, north of Hanson Road and south of Hoepker Road, near the airport, marketed by T. Wall Properties, with a total of 139 acres
· Two parcels, totaling 126 acres, owned by MadCap1 and CapWin19 in the Village of DeForest.
More parcels can be added later within the eight counties included in the new South Central Wisconsin FTZ, including Dane, Sauk, Columbia, Dodge, Iowa, Jefferson, Green and Rock.
Dane County Board Supervisor Dennis O’Loughlin, who chairs the airport commission’s FTZ subcommittee, said, “This is an exciting opportunity for our airport to provide global economy services for businesses in our area through the FTZ.”
U.S. Senators Herb Kohl and Russ Feingold, and U.S. Representative Tammy Baldwin supported Dane County’s application to establish an FTZ, as did Governor Jim Doyle and Madison Mayor Dave Cieslewicz.
"Establishing a Dane County Foreign Trade Zone will help promote economic growth and retain good paying jobs," said Senator Kohl. "I am proud of the collaborative efforts of all the participants who made the Dane County Foreign Trade Zone a reality."
“This is great news that will bring tangible benefits to the region by promoting the creation and retention of well-paying jobs here in Wisconsin, as well as offering local businesses access to larger markets,” said Congresswoman Baldwin. “Realizing a Dane County Foreign Trade Zone was a collaborative effort between business, labor, and county government which bodes well for its future success,” Baldwin said.
There are currently two other Foreign Trade Zones operating in Wisconsin, in Brown County/Green Bay and in Milwaukee.
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