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TOWN OF KEARNY RECEIVES FOREIGN TRADE ZONE DESIGNATION |
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4/28/2006 |
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 Press Release
Phone: (201) 955-7985 FOR IMMEDIATE RELEASE
9 A.M. EDT, April 28, 2006
TOWN OF KEARNY RECEIVES FOREIGN TRADE ZONE DESIGNATION
KEARNY, NJ, APRIL 28, 2006: The Port Authority of New York and New Jersey, grantee of Foreign-Trade Zone 49, received authority from the Foreign-Trade Zone Board and its Executive Director, Dennis Puccinelli, to expand FTZ 49 to include a new site (Site 6, 407 acres) in Kearny, New Jersey, within Newark/New York Customs port of entry (FTZ Docket 41–2005, filed 8/9/05). This designation was signed into effect by the Board on April 14, 2006.
Although the Port Authority of New York and New Jersey strongly supported and submitted the zone expansion request to the Foreign-Trade Zone Board, the Town of Kearny was responsible for requesting the designation and preparing the documentation. Kearny Mayor Alberto G. Santos, who spearheaded this initiative to achieve FTZ designation, was very pleased to finally receive this positive news.
Mayor Santos stated, “Foreign-trade zone status is yet another tool in Kearny’s economic development cache, which is continuously being reviewed to promote business development and expansion, to readily contribute to business success, but most importantly, to create more jobs within Kearny. This designation is also an ideal adjunct to Kearny’s current status as a New Jersey Urban Enterprise Zone municipality.” Kearny is one of only 37 municipalities and 32 UEZ’s throughout NJ granted this distinguished status.
Mayor Santos acknowledges the hard work and professionalism of Scott Taylor, who is with Miller & Company, the law firm contracted by the Kearny Enterprise Zone Development Corporation to steer the town through the labyrinth of a very complex and elaborate application process. The Mayor also thanks Ellen Nesheiwat of the Port Authority of NY & NJ, the Manager of FTZ No. 49, for her support and cooperation as well as Alan Lambiase of River Terminal Development, and the Executive Director of the South Kearny Industrial Association, who took a lead in encouraging the expansion, by bringing this issue directly to the peninsula’s strong business community. In relation to South Kearny, Mr. Lambiase noted, “This is a major step towards the encouragement of infill development as opposed to urban sprawl.”
Mayor Santos recognizes the collaboration and backing provided by then U.S. Senator Jon Corzine, U.S. Senator Frank Lautenberg, then U.S. Representative Robert Menendez and U.S. Representative Steve Rothman as well as all of their staff, “who put significant time into championing for this designation.”
Foreign-trade zones, established in 1934, stimulate American economic growth and development because they encourage companies to continue to expand their operations in the United States. Foreign-trade zones are located in all 50 states and Puerto Rico. Many U.S. and multinational firms utilize the FTZ program as an import/export financial management tool.
There are many benefits for companies located on property designated with foreign-trade zone status. Some of the major benefits of zone status include:
• deferral of payment of Customs duties on imported products:
• the avoidance of duties paid on imported products that are directly shipped out of the zone and exported from the United States:
There is a federal law exemption from certain ad valorem personal property taxes on property admitted into a zone.
The State of New Jersey has had six general-purpose zones designated. They are: Bayonne (terminated) Foreign-Trade Zone No. 11; Morris County (Mount Olive) Foreign-Trade Zone No. 44; Newark/Elizabeth Foreign-Trade Zone No. 49; Salem Foreign-Trade Zone No. 142; Mercer County (West Trenton) Foreign-Trade Zone No. 200, and Lakewood, New Jersey Foreign-Trade Zone No. 235.
Additional information regarding foreign-trade zones can be located at the Miller & Company P.C. Web site www.millerco.com.
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