“Deal of the Year” is First Zone in Middle Georgia
ATLANTA, GA– IDI’s Meridian 75 Logistics Center, (bottom left aerial photo) a planned 2.9 million square-foot business park 15 miles north of Macon, Ga. was recently granted Foreign-Trade Zone (FTZ) status by the Federal FTZ Board.
The park is included in a now expanded Atlanta zone, Zone 26, and is the first in Middle Georgia. FTZ status allows those operating in the park to benefit from duty deferral, inverted tariffs and merchandise processing fee savings.
The FTZ program was created by the Foreign-Trade Zones Act of 1934 as an attempt to alleviate the effects of the 1930 Smoot-Hawley Tariffs, which raised tariffs on more than 20,000 imported goods to record levels, and cut American imports and exports by more than half. The Foreign-Trade Zones Act was created in response, to facilitate and encourage foreign commerce in the U.S.
Merchandise may be admitted into an FTZ without going through formal Customs entry procedures or paying import duties. Customs duties and excise taxes are due only at the time of transfer from the FTZ for U.S. consumption. If the merchandise never enters the U.S. commerce, then no duties or taxes are paid on those items. Georgia has fewer than 25 zones and there are 230 zones nationwide.
In October 2008, Meridian 75 Logistics Center was named the “Deal of the Year’ by the Georgia Economic Developers Association (GEDA) for its economic impact and the innovative financing used to fund the project. Over time, it is projected that Meridian 75’s potential economic benefits will include an addition to the county’s job base of 1,250 employees and a net payroll of $39 million per year.
Meridian 75 Logistics Center located at Interstate 75 and Rumble Road in Monroe County, Ga. features space for five build-to-suit and inventory facilities totaling 2,928,255 square feet.
One-hour south of Atlanta, 2.5 hours from the Port of Savannah and nine hours from Miami, Meridian 75 is strategically located for local and regional distribution, as well as access to a quality labor force in North Central Georgia.
“For distributors of international goods, FTZ status is a key benefit when seeking a new facility. Along with our location, which offers exceptional access to both the Port of Savannah, and to a population base exceeding 70 million people within a one-day truck drive, providing FTZ is a major differentiator for Meridian 75, and a key benefit for our targeted tenant base,” said Lisa Ward, (top right photo) vice president of leasing for IDI.
Contacts:
Kim Hardcastle, Jackson Spalding for IDI, 404-214-0693 khardcastle@jacksonspalding.com
Charlotte Marie DuPre, Jackson Spalding for IDI, 404-214-3555, cdupre@jacksonspalding.com
No comments:
Post a Comment