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  • Special Port Authority

    Tuesday, September 15     4:00 PM          

    Public hearing regarding the proposed issuance of tax exempt bonds by the Medina County Port Authority (MCPA)  in the maximum aggregate principal amount of $10,000,000 in two or more series to: (1) redeem and repay outstanding bonds issued in 2010 to finance the acquisition and  construction of its fiber optic cable network, located throughout Medina County, with laterals into Cuyahoga and Summit Counties; (2) pay costs of issuing the bonds; and (3) pay the 2020 interest on the Bonds.  The fiber network is owned by the MCPA and is  operated by the MCPA and the Medina County Economic Development Corporation. To see the full notice of the public hearing, go to https://www.medinacountyportauthority.org/wp-content/uploads/2020/09/TEFRA-Public-Hearing-Notice-1.pdf

    To attend, dial in toll-free by telephone at 1-855-762-7360 or attend via internet videoconference at www.uberconference.com/bdentler

Foreign Trade Zones

FOREIGN TRADE ZONES

Congress created Foreign Trade Zones (FTZ) in 1934 to facilitate international trade and increase the global competitiveness of U.S.-based companies. A Foreign Trade Zone is like an island in the sea of international commerce and is considered to be “outside of the United States”. The program continues to thrive and change to better meet the needs of American companies in the global economy.

The Medina County Board of Commissioners took action to compete in the global economy in November 2004 by joining the Northeast Ohio Trade and Economic Consortium (Neotec) – Neotec is a ten county regional organization that is the Grantee of Foreign Trade Zone #181.  As a  result of that membership, Medina County now has four locations with zone designation.  Additional locations can be approved within 30 days.

Benefits of FTZ:
Duty Deferral:  Customs duties are paid only when and if merchandise is transferred into U. S. Customs territory.
Duty Reduction:  If the rate on the items admitted to the zone is higher than the rate applied to the finished product, the company can choose to pay the lower duty rate.
Duty Elimination: No customs duties are paid on merchandise exported from a FTZ. Generally, customs duties are also eliminated for merchandise that is scrapped, wasted, destroyed or consumed in a zone.
Direct Delivery: Companies can apply for authority to receive product, break seals and clear customs within the FTZ facility, thereby bypassing the congestion of seaports.
Weekly Entry: Companies can reduce Merchandise Processing Fees by combining shipments on one entry filed weekly.

Contact  Bethany Dentler, Executive Director of the Medina County Economic Development Corporation, at 330-722-9215 or bdentler@medinacounty.org to find out more.

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