Medina County Foreign Trade Zone Designation Approved...read the press release here.

Congress created Foreign Trade Zones (FTZ) in 1934 to facilitate international trade and increase the global competitiveness of U.S.based companies. A Foreign Trade Zone is like an island in the sea of international commerce and is considered to be “outside of the United States”. The program continues to thrive and change to better meet the needs of American companies in the global economy.

The Medina County Board of Commissioners took action to compete in the global economy in November 2004 by joining the Northeast Ohio Trade and Economic Consortium (Neotec) - Neotec is a ten county regional organization that is the Grantee of Foreign Trade Zone #181. The FTZ #181 is an economic development tool that by being coordinated on a regional basis has provided significant value to Northeast Ohio. The constant evolution and pervasiveness of the global economy is driving new interest in the FTZ program. In October 2006 the National Foreign Trade Zone Association (NAFTZ) in Washington, DC granted FTZ status to the four Medina County locations that made application for designation in early 2005. 

FTZ Benefits include:

Duty Deferral: companies can defer the payment of duties and tariffs while product is stored in the FTZ.
Duty Reduction: companies can reduce duties and tariffs on product that is assembled or manufactured into finished product with a lower duty rate. 
Duty Elimination: companies avoid paying duties on product that is imported then exported out of the country. 
Direct Deliver: companies can apply for authority to receive product, break seals and clear customs within the FTZ facility, thereby bypassing the congestion at sea ports. 
Weekly Entry: a company can reduce Merchandise Processing Fees by combining shipments on one entry filed weekly. Tax Savings: inventory held in a General Purpose Foreign-Trade Zone in the State of Ohio is exempt from personal property tax (subject to local conditions).

Medina County FTZ Locations Include:

Brunswick - Geis Park - 67 acres in Brunswick Commerce Center
Seville - Beacon Development - 67 acres on Rt3; 24 acres (rail accessible) on Ryan Road
Sharon Center - 45 acres in Portside Corporate Park
Wadsworth - 43 acres in Wadsworth Corporate Park

With so much manufacturing in Northeastern Ohio at risk in this era of globalization, the promotion and utilization of these economic development tools can be an important weapon in the ongoing effort to stem the loss of jobs.  Companies that are heavily engaged in the field of international commerce have more inherent “staying power” when it comes to overseas competition.  If we can attract them, in part, through the benefits that FTZs can provide, the chances of growing the business right here are improved.

Contact Jim Doutt, Executive Director, Medina County Economic Development Corporation at 330-722-9215 for more information.