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Port approves Foreign Trade Zone No. 3 schedule revision, adopts tiered annual fees
Summary
The commission approved a revision to Foreign Trade Zone No. 3 to align with new Foreign Trade Zone Board regulations, simplify the zone schedule from 31 to 17 pages, and adopt a four-tier annual fee structure to improve affordability for smaller sites.
Jim Maloney of the port’s Maritime Division asked the commission to approve an updated zone schedule for Foreign Trade Zone No. 3 to conform to the Foreign Trade Zones Board’s 2012 regulations. Maloney said the revision reduces the port’s schedule from 31 to 17 pages and introduces a tiered fee schedule to make FTZ benefits more accessible to smaller and medium-sized firms.
Maloney outlined cost and revenue assumptions, reporting an…
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