Savannah Airport Commission to Transfer Governance of Foreign Trade Zone 104 to the World Trade Center SavannahOctober 17th, 2012
By unanimous vote, the Savannah Airport Commission approved a Resolution to Transfer Governance of the Foreign Trade Zone Grant (FTZ) to the World Trade Center Savannah (WTC); a Division of the Savannah Economic Development Authority (SEDA).
The Commission has been working with SEDA on the transfer for over a year. The now thriving FTZ 104 is used as an economic development tool which now better suits the mission of SEDA and the newly formed WTC. “Now that the World Trade Center Savannah concept is established, it is a logical time to execute the transfer,” says Patrick Graham, Executive Director for the Savannah Airport Commission. “It would be better utilized by the World Trade Center Savannah where it would be of greater value to the community.”
FTZ 104 was created in 1984 to provide special customs procedures to U.S. companies in the region engaged in international trade-related activities. Duty-free treatment is accorded to items that are processed in the FTZ and then reexported. Duty payment is deferred on items until they are brought out of the FTZ for sale in the U.S. market. This helps to offset customs advantages available to overseas producers who compete with domestic industry.
The Resolution by the Commission will officially transfer the FTZ 104 Grant to the WTC as of January 1, 2013.