Friday, June 19, 2015

FTZ in Limon

The Limon Foreign Trade Zone (FTZ) has finally been approved by the U.S. Department of Commerce.

On June 11, 2015, the U.S. Secretary of Commerce Penny Pritzker approved the application for the Town of Limon, Colo. ‐ Foreign‐Trade Zone under Alternative Site Framework as Foreign Trade Zone No. 293. This approved the FTZ, submitted by the Town of Limon and Lincoln County.
Included in the FTZ approval is a Service Area that consists of Adams and Arapahoe counties and major portions of the counties of Lincoln, Elbert and Morgan.

The Limon FTZ will be the first primarily rural zone in the state of Colorado. It will also be able to serve sub‐zones outside the service area in the state of Colorado and looks to serve all of eastern Colorado.

The Town of Limon and Lincoln County jointly applied for the FTZ designation in April 2013. The goal of establishing an FTZ is to attract foreign businesses that would set up distribution and manufacturing facilities in the local area. This would boost the local economy and provide new jobs. Foreign businesses would be interested in locating their facilities locally because any merchandise within an FTZ is not subject to custom duties and excise taxes until it leaves the zone.

The Town of Limon has already identified two “magnet sites” with the FTZ where foreign businesses could potentially locate their facilities. These magnet sites are the “Big Sandy” property and East Limon Municipal Airport property. Other sites within the FTZ service area may be designated at a later time.

The announcement of the approval of the FTZ has been greeted with enthusiasm by local and state officials.

“I am excited about the potential for economic growth this opportunity will provide to Limon and Lincoln County,” said Julie Coonts, Mayor of the Town of Limon. “Having received the FTZ designation we are moving forward with great enthusiasm to bring worldwide trade to our rural community.”

The application received strong support from the Colorado Office of Economic Development, Governor John Hickenlooper, Senators Michael Bennet and Cory Gardner, as well as eastern Colorado counties and local economic development organizations.

“The creation of a Foreign Trade Zone for Limon and Lincoln County will attract new investment and create new jobs,” said Colorado U.S. Senator Michael Bennet. “In addition to boosting the local economy, the zone will provide opportunities for growth for the rest of the eastern plains as well. We are happy that we were able to work with the Department of Commerce and support the town of Limon’s efforts to achieve this designation and look forward to seeing future successes.”

“Trade creates jobs and grows economies,” said U. S. Senator Cory Gardner. “As a longtime advocate for rural Colorado, I’m glad to that the Limon Foreign Trade Zone has been approved, and I look forward to the many economic benefits that it will bring to Limon and Lincoln County as well as Adams, Arapahoe and Morgan counties.”

“Congratulations and job well done, Limon,” said U.S. Representative Ken Buck. “Earning Foreign Trade Zone status for the Hub City and surrounding area is an accomplishment of which you should be proud.”

“I am pleased that Arapahoe and Adams counties will be included. It will increase opportunities to grow their economies and attract jobs for the region,” said U.S. Representative Mike Coffman.

“The Limon Foreign Trade Zone is a great additional economic development tool for the eastern plains," said Governor John Hickenlooper. "This new designation further strengthens the region and helps attract new businesses to the area, as well as grow existing businesses and create jobs in eastern Colorado.”

The Town of Limon FTZ provides an additional tool for these primarily rural areas to attract global businesses to their communities.

“It’s exciting to think about the impact that this designation will have for this region of Colorado,” said Adams County Commissioner Charles “Chaz” Tedesco. “With access to every Interstate, rail lines and two airports, Adams County has a lot to offer businesses that will benefit from this designation.”

"Lincoln County Economic Development Corporation couldn't be happier to see the official approval for the Town of Limon Foreign Trade Zone,” said Troy McCue, Executive Director. “This important step represents the beginning of great progress and development as our region becomes eligible to host import partners making their products readily available to the U.S. and global markets while creating jobs in our rural communities. We look forward to the countless economic benefits to be realized in the region."

“This foreign trade zone designation is about increasing the competitiveness of Colorado companies in the global marketplace. We will continue to give our businesses every advantage to succeed,” said Ron von Lembke, Chair, Adams County Economic Development.

"This FTZ designation adds another tool to our ‘economic development tool box’ in Morgan County,” said Kari Linker‐Nation, Executive Director, Morgan County Economic Development Corporation. It is a step in the right direction in helping us be more competitive in attracting and retaining business. Thank you to the Town of Limon and Lincoln County for taking the lead on this initiative, it is a true win for Colorado when counties join forces to make things happen."

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