By Mike Sunnucks | Rose Law Group Reporter
The City of Goodyear is looking at some changes to its Foreign Trade Zone policy.
Foreign Trade Zones are created by the local jurisdictions and the U.S. Department of Commerce.
They offer state property tax breaks as well as reduced fees on customs. Goodyear and other Arizona cities have used FTZs to help attract jobs and investments from the technology, manufacturing, semiconductor and logistics sectors.
City officials say FTZs have attracted 13 companies to Goodyear. Those companies employ more than 5,000 workers and have made $1.3 billion in capital investments in the West Valley.
The Goodyear City Council will brief at its April 6 meeting on some potential changes to the West Valley cities FTZ policy.
The city could put some more specific job, investments
Proposals include requiring manufacturing companies in FTZs to employ at least 100 workers and pay 51% of employees 125% of Arizona’s median wage.
Internet fulfillment centers must have a minimum of $25 million. Goodyear could also create new fees for companies locating in trade zones.
