By Mike Sunnucks | Rose Law Group Reporter
The Phoenix City Council will consider approving a measure to create a Foreign Trade Zone for the planned $12 billion Taiwan Semiconductor Manufacturing Company (TSMC) plant at the Loop 303 and 43rd Avenue.
The Foreign Trade Zone item is on the council’s agenda for Wednesday, Dec. 16.
Phoenix has already approved development deals for the massive economic development project.
Foreign Trade Zones are a program through the U.S. Department of Commerce. In Arizona, they allow companies within them to pay a 5% property tax rate rather than the traditional 15% rate paid by businesses.
The proposed trade zone sits on 1,128 acres. The first phase of TSMC’s development is expected to total 3.8 million square feet.
The project is expected to create 1,900 jobs.
