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| Officials Discuss Galesburg's Foreign Trade Zone Designation |
Galesburg has what one city official calls a requirement to attracting business and growth. The next step is making those things happen.
Galesburg Regional Economic Development Association Board President Tom Schmidt, Mayor Sal Garza and several other local officials joined representatives from the Economic Development Council of Central Illinois to discuss the recent designation of Logistics Park Galesburg as a Foreign Trade Zone and essentially what that means.
Schmidt said at Wednesday's meeting that the 333 acres of land obtaining the FTZ designation is a unique and exciting accomplishment.
Chief Operating Officer of the Economic Development Council of Central Illinois, Vickie Clark, says the public value of Foreign Trade Zones includes bringing in new employers and putting more people to work.
"It helps you with business attraction (and) helps you with business retention because anytime we can help reduce the bottom line for a business, that's a good thing, that keeps them in the area more" Clark said. "The whole reason that all of us are involved in ecnonomic development is jobs, jobs, jobs - and so it's one more way for us to create new jobs and retain jobs in the area."
Clark says for businesses, Foreign Trade Zones reduce their taxes on imports, or in some cases, defers or even eliminates them.
Galesburg City Manager Dane Bragg says the city began the process of establishing FTZ status for the Logistics Park Galesburg property in February of 2007. He says the EDC of Central Illinois submitted the 273-page application to the Foreign Trade Zone Board in September of 2008 and the designation was extended to LPG last October.
Garza says in talking with prospects, the FTZ designation is a requirement, not just something that's good to have, and now the city has to maximize the potential it has.
Vickie Clark, Economic Development Council of Central Illinois' chief operating officer, talks about Foreign Trade Zones Wednesday at the Galesburg Public Library
Cesar Suarez, the City of Galesburg's Economoic Development Director, talks about the Foreign Trade Zone designation for Logistics Park Galesburg and his office's role as the process moves forward
(WGIL News Story and Photos by Mike Perry) |
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| 01 28 10 by Newsroom |
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