Bradley Trade Zone expands possibilities

6/21/2012

From Hartford Business –

DIAGRAM / GRIFFIN LANDThe New England Tradeport near Bradley Airport, pictured above, was recentely granted Foreign Trade Zone status.

by GREG BORDONARO

The 600-acre New England Tradeport industrial park in Windsor and East Granby is considered a prime location for future business growth in Connecticut with its proximity to Bradley International Airport and major highways.
Now the area is about to get a bit more attractive.

Almost 400 acres within the business park recently won approval from a federal agency to be designated as a Foreign Trade Zone (FTZ), which will provide economic incentives to companies located there that engage in international trade. 

The designation, for example, will provide duty-free treatment to goods that are brought, processed and manufactured in the zone and then re-exported outside the country. Also, duty payments can be deferred on items brought into the zone and eventually sold in the U.S. market. It can also help with administrative savings like lowering customs brokerage fees or reducing merchandise processing fees.

Officials say the new designation, along with the recent creation of the Bradley Development Zone, could be a game changer in stirring more commercial activity near Bradley Airport, particularly at the New England Tradeport development, which has nearly 4.6 million square feet of developed and undeveloped industrial space.

“There is a confluence of incentives available here that will no doubt attract larger players to the region and facilitate growth of existing businesses,” said Tim Lescalleet, the senior vice president of Griffin Land, which is the developer of New England Tradeport. “We've already received inquiries without any formal promotion.”

Foreign Trade Zones have been around since the 1930s and were originally created to encourage and expedite U.S. participation in international trade.


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6/22/2012
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