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FIRST ON WGIL: Galesburg Receiving Foreign Trade Zone Designation; Press Conference Wednesday
POSTED 11:35 a-m, UPDATED 12:03 p-m 10/27/9 Galesburg will soon be formally part of a new business initiative.

Officials with the Galesburg Regional Economic Development Association say the city has been granted Foreign Trade Zone status by the Economic Development Council for Central Illinois. A press conference is scheduled at 10:00 Wednesday morning at the Galesburg Amtrak station on South Seminary Street.

Galesburg, after a yearlong application process, will be part of Foreign Trade Zone 114. EDC officials say the designation means existing and new businesses in the FTZ area can then easily, individually apply to have their custom duties eliminated or reduced related to imported merchandise.

GREDA President Greg Mangieri says the FTZ status "will enhance opportunities for warehousing and distribution." He says the region will get serious consideration relative to economic development and growth with the status.

Knox County Board Chairman Greg Bacon says the status is long overdue and the area has been missing FTZ opportunities since the departure of Maytag. City Manager Dane Bragg says the designation has the potential to increase local businesses' profitability and create a ripple effect throughout the region.

EDC Chief Operating Officer Vickie Clark calls the designation a great business incentive tool for Galesburg which will help the city grow, attract business in international trade and create a huge financial incentive that sets the community apart from many other towns.
10 27 09 by Newsroom
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