Beth Smith, email@example.com
The Henderson County Riverport hopes to land a Foreign Trade Zone designation.
Upon request by riverport Director Greg Pritchett, Henderson Fiscal Court this week agreed to draft a letter to the Foreign Trade Zone Board as part of the application process to designate the local riverport -- located on Riverport Road along the Ohio River -- as an active foreign trade zone.
"Basically a foreign trade zone is a physical place in the United States whereby items can be imported and placed," Pritchett told The Gleaner. "While the products are in a foreign trade zone they aren't subject to import tariffs or other (similar) taxes."
According to the U.S. Customs and Border Protection website, those goods can be stored there or used for exhibition, assembly, manufacturing and processing. When those goods leave the foreign trade zone and enter the domestic market "the importer generally has the choice of paying duties at the rate of either the original foreign materials or the finished product."
Pritchett said the letter he requested from the Henderson Fiscal Court is one of many he's been collecting as part of the process.
"It's a 'no objection' letter, and they are affirming that they have no objection to the riverport activating as a foreign trade zone," he said.
"We had to get statements from every local taxing district. We also got approval from the school district, library board and all taxing districts, including the health department," he said.