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Atlanta Mixed-Use Development Approved as Foreign Trade Zone Adding to Job Tax Credit Incentive

ATLANTA, April 2, 2010

The U.S. Department of Commerce recently announced the approval of a Georgia Foreign-Trade Zone in the 2,500 acre master planned development Parkway South.  Parkway South is part of a nine-mile mixed use corridor along South Fulton Parkway in Union City, GA beginning only 6.5 miles from the Atlanta Hartsfield-Jackson International Airport.

“We are very pleased with the recent Foreign-Trade Zone approval for 205 acres in Parkway South” says Ralph Moore, Mayor of Union City, GA, “When combined with the proven benefits of the Union City Opportunity Zone, the FTZ only adds to the appeal of Union City and Parkway South for large national and international companies looking to move into the Southeast.” 

A Foreign-Trade Zone (FTZ) is a federally designated site created to help businesses remain competitive in a global marketplace. Lower duties, reduced processing fees and quicker movement of goods are some of the benefits possible in an FTZ.   

To receive more details on Parkway South and the Georgia Foreign-Trade Zone please visit our website at:  www.ParkwaySouth-Atl.com

About FTZ Benefits:

• Duty Deferral: Imported products admitted to the FTZ are not entered into the Customs territory until their withdrawal from the FTZ.  Therefore, users obtain a cash flow savings by deferring Customs duties until the merchandise leaves the FTZ for consumption in the U.S.
• Duty Elimination:  Imported products admitted to the FTZ and subsequently destroyed in the FTZ or exported from the FTZ are not subject to Customs duties.
• Duty Reduction: Imported products admitted to the FTZ can be placed in a special status that allows the merchandise to be classified and appraised in its condition as withdrawn from the FTZ.  For manufacturers this means that an imported component with a higher rate of duty can be classified and appraised in its finished product form, with a potentially lower rate of duty, thereby reducing the amount of duty owed.
• Zone-to-Zone Transfer:  If the company utilizes more than on FTZ, merchandise may be transferred from zone to zone in order to extend the deferral benefits further.  This benefit can be implemented up and down the supply chain by incorporating the activities of suppliers and customers.
• Direct Delivery and Weekly Entry/Export:  From a just-in-time inventory perspective, the FTZ program offers significant benefits.  Users may obtain permission from Customs to move merchandise directly from the port of arrival to the FTZ avoiding delays at congested ports and minimizing exams.  On the outgoing side, users may obtain permission to ship unrestricted weekly (24 hours per day, 7 days per week) based on an estimate approved by Customs before the start of the business week. Broker fees and merchandise processing fees paid to Customs may be significantly reduced by filing one entry per week versus daily entries or one per shipment.  Goods move in and out of the facility on an expedited basis allowing for a seamless supply chain from vendor to customer without maintaining unnecessarily high levels of inventory.
• Production Equipment:  Certain duty deferral and reduction benefits also apply on production equipment admitted to the FTZ for assembly and testing prior to use in production.

About Parkway South:
Parkway South provides an opportunity for developers, corporations, or investors to purchase, develop, and or locate on part of 2500 acres located along South Fulton Parkway, a major thoroughfare connected to Atlanta's major interstates and the largest airport in the world: Hartsfield-Jackson International. Over 2,000 acres within Parkway South are part of an Opportunity Zone within Union City and allow for Job Tax Credits of up to $3,500.00 per job created for five years. The land in Parkway South has a current zoning designation of "Town Center Mixed-Use" allowing for smart, mixed-use development in density ratios that promote progressive growth, an increased tax base and protection of vital greenspace and conservation areas. Parkway South will be a walkable, live-work-shop-play community that supports a lifestyle composed of a sensible mix of uses with an unusually large amount of open space in parks, bike and walking paths, and public plazas. This plan represents a model of growth aimed to protect the environment and create economic value through the design of real estate.

About Georgia Foreign-Trade Zone:
Georgia Foreign-Trade Zone, Inc. (GFTZ) is a private, non-profit organization responsible for oversight of Foreign-Trade Zone #26 located in Atlanta, GA. FTZ #26 originates from Hartsfield-Jackson Atlanta International Airport, and it includes several industrial sites throughout metropolitan Atlanta and individual manufacturing sites throughout Georgia.

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