AUBURN, MAINE APPROVED AS FOREIGN TRADE ZONE
FOR IMMEDIATE RELEASE:
FOR MORE INFORMATION CONTACT:
Paul Badeau
Lewiston-Auburn Economic Growth Council
784-0161
October 14, 2004
(LEWISTON, Me.) — The Lewiston-Auburn Economic Growth Council received word October 7 that its application for a Foreign Trade Zone in Auburn, Maine, has been approved by the Foreign Trade Zones Board.
A Foreign Trade Zone is an area considered outside the territory of U.S. Customs. Qualifying companies can import certain products or raw materials without going through formal Customs procedures or paying import duties. At minimum, companies using an FTZ can defer paying tariffs and experience lower inventory costs.
The Growth Council completed an application about a year ago requesting Foreign Trade Zone designation for a 760-acre parcel of land encompassing the Auburn Intermodal Transfer Facility and the Auburn-Lewiston Municipal Airport. Several area companies expressed interest in using the FTZ. After the application process was complete and a formal public hearing was held, the request was on track for approval.
The “Grant of Authority� designating the Auburn site as Foreign Trade Zone 263 was signed on Oct. 1. LAEGC will oversee operation of the FTZ and the process of establishing sub-zones for interested companies within a 60-mile radius or 90-minute drive.
“Having a Foreign Trade Zone further establishes Lewiston-Auburn as a transportation and logistics hub,� says Lucien Gosselin, Lewiston-Auburn Economic Growth Council president. “This provides a channel for companies to conduct international trade cost-effectively and efficiently, capitalizing on an intermodal facility, materials handling and warehousing capabilities, and a well-connected rail network through St. Lawrence & Atlantic Railroad.�
