INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: The Council President
At the request of: The Administration (Baltimore Development Corporation)
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
Expansion of Foreign Trade Zone #74
FOR the purpose of endorsing the expansion of Baltimore City's Foreign Trade Zone #74, to enhance the opportunities for Baltimore City-based companies and other business entities throughout the United States to participate in the expanded global market and to provide new job opportunities for residents of Baltimore City.
Body
Recitals
A foreign trade zone is a site within the United States, in or near a U.S. Customs Port of entry, where foreign and domestic merchandise may enter without a formal Customs entry or payment of duties or government excise taxes. If a final product is exported from the United States, Customs duty and excise taxes are due only at the time of transfer from the foreign trade zone and upon formal entry into the United States. The duty paid is the lower of that applicable to the finished product itself or to its component parts. Zones encourage foreign trade by providing opportunities to realize Customs duties savings and provide a most effective method of handling domestic and imported merchandise.
In January 1982, Baltimore City obtained authority to establish Foreign Trade Zone #74.
Originally, the zone was 20 acres. On February 28, 2000, the City Council of Baltimore approved a request to expand the Foreign Trade Zone, nearly tripling the size of Baltimore's zone to over 1,200 acres in Baltimore City. Since that time, the FTZ has expanded to 14 sites, totaling 1,727 acres. That expansion, however, has not kept pace with the steady and continuing growth and interest in foreign trade activities. In an annual report from the
Baltimore Development Corporation, the managing entity, it was reported that the zone served 85 business fi...
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