Top U.S. Foreign-Trade Zone Now Includes Area Along I-35W From Denton To 820
FORT WORTH, Texas (Nov. 18, 2010) – The Alliance Foreign-Trade Zone #196, which already ranks as the top General Purpose Foreign-Trade Zone in the United States in terms of the value of foreign goods admitted, has been expanded to include the entire Alliance Corridor, which includes property along both sides of Interstate 35W from Denton to just south of Interstate 820.
The U.S Department of Commerce Foreign Trade Zone Board recently approved the expansion application, which was submitted by Alliance Corridor Inc., the Hillwood subsidiary that oversees Foreign Trade Zone #196.
“This expansion streamlines the process for companies that want to take advantage of the significant savings that being in a Foreign Trade Zone can bring,” said Hillwood Properties Vice President Steve Boecking, who oversees the Alliance Foreign Trade Zone #196 and provides advisory services to companies within the zone. “Previously a company had to go through the process of being annexed into the zone then the process of applying for foreign trade zone status. Now the company is considered to be within the FTZ Grantee’s designated ‘Service Area,’ so the entire application process for FTZ status is reduced from six months to approximately 30 to 45 days.”
The expansion of the Alliance Foreign Trade Zone #196 is possible due to a change by the U.S. Department of Commerce Foreign-Trade Zone Board in 2009 that allows expansion of FTZ areas in order to expedite the approval process for companies within the zone.
For three straight years, the Alliance Foreign-Trade Zone #196 has ranked as the top general-purpose Foreign Trade Zone in the U.S. in terms of foreign products admitted. In 2008, the most recent year that data is available, $5.357 billion in foreign products were admitted into the Alliance Foreign Trade Zone.
Foreign-trade zones are secure areas under the supervision of U.S. Customs and Border Protection. They are considered outside the customs territory of the United States for the purposes of duty payment. Under zone procedures, the usual formal customs entry procedure and payment of duties are not required on the foreign merchandise unless and until it enters U.S. Customs territory for domestic consumption, in which case the importer normally has a choice of paying duties either on the original foreign materials or the finished product. Foreign-trade zone sites and activities remain within the jurisdiction of federal, state and local governments and agencies.
In large part due to its role in handling imports, AllianceTexas has had an economic impact of $36.4 billion on the North Texas economy. In addition the development has attracted $6.9 billion in private investment, generated more than $838 million in property taxes and created 28,000 fulltime jobs.
In addition to the Alliance Global Logistics Hub, the 17,000-acre AllianceTexas development includes Alliance Town Center, the Monterra Village apartment home community, the corporate campuses of Circle T Ranch, the Vaquero estate golf community, and the Heritage and Saratoga residential communities. AllianceTexas now houses 7,200 single-family homes and 229 companies that occupy 31.2 million square feet. More than 50 companies at AllianceTexas are ranked on the Fortune 500, Global 500 or Forbes List of Top Private Firms.
Hillwood, (www.hillwood.com) a Perot company, is ranked as one of the top commercial real estate developers in the country and the top residential developer in Dallas-Fort Worth. Approximately 65 companies listed on either the Fortune 500, Global 500 or Forbes List of Top Private firms have chosen to locate in Hillwood developments. In addition to the AllianceTexas project, Hillwood is best known for its development of American Airlines Center and the Victory mixed-use district near downtown Dallas and AllianceCalifornia near Los Angeles.
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