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Prince George’s County’s Foreign Trade Zone 63 PowerPoint Presentation
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Prince George’s County’s Foreign Trade Zone 63

Prince George’s County’s Foreign Trade Zone 63

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Prince George’s County’s Foreign Trade Zone 63

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  1. Prince George’s County’s Foreign Trade Zone 63 Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  2. Ideal Location Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  3. Ideal Location • Proximity to 1/3 of the Consumer & Industrial Market (Overnight Delivery) • Direct Flights to US West Coast, Eastern & Western Europe • Three Major Airports • Region is 5th Largest Retail Market, 4th Largest Population Center • Proximity to US Federal Government • 1/3 of Federal Spending in Region • $8.7 Billion in Federal R&D Obligations Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  4. What is a U.S. Foreign Trade Zone? • A Foreign-Trade Zone is a specially designated area, in or adjacent to a U.S. Customs Port of Entry, which is considered to be outside the Customs Territory of the U.S. • A Public/Private Partnership to maintain and attract U.S.-based international trade activity. Source: http://www.ftzcorp.com/Whatis.htm Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  5. Establishment of Foreign-Trade Zones • To encourage and expedite U.S. participation in international trade • To foster dealing in foreign goods imported not only for domestic consumption but also for re-export after combining with domestic goods • To defer payment of duties only until goods areentered into the commerce of the U.S. Foreign-Trade Zones are established: Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  6. What activity is permissible in a Foreign Trade Zone? • In a Zone Merchandise may be assembled, exhibited, cleaned, manipulated, manufactured, mixed, processed, relabeled, repackaged, repaired, salvaged, sampled, stored, tested, displayed and destroyed Retail Trade is Prohibited Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  7. FTZ Benefits • Duty is deferred for products admitted to the FTZ • Duty is eliminated on products imported to and exported from FTZ outside the US • Duty is eliminated on products admitted and subsequently destroyed within the zone • Duty is reduced on imported products admitted to the FTZ due to inverted tariffs Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  8. FTZ Benefits (cont.) • Merchandise may be transferred from zone to zone, extending the period of deferral • Users may obtain permission from Customs to move merchandise directly from the port of entry of the FTZ • Weekly entry and export is available to reduce administrative reporting • Duty is deferred on production equipment admitted to the FTZ for assembly and testing until placed in use Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  9. Inventory Tax Exemption • 100% exemption from personal property assessments for commercial inventory, manufacturing/R&D inventory and manufacturing /R&D machinery within the FTZ (2005/2006 tax year and continuing until changed). Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  10. Current Trends • Manufacturing volumes in many sectors are moving offshore, particularly Asia. • Companies are mapping their supply chain to reflect commodity flows, transportation, labor and proximity to customers. • Supply chain consolidation is supporting “Big Box” regional distribution over smaller feeder warehouses that supply fewer customers. • Big Box distribution by importers combined with a 2000 Amendment to the Foreign-Trade Zones Act providing for weekly entry is spurring growth in the program by a new profile of users. Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  11. Opportunities • Over $200 billion (in value) of merchandise is received at FTZs annually. • Duty may be payable in accordance with the inverted tariff applicable to the finished product as removed from the zone, depending upon which is lower. • Business-to-Business seamless transactions reducing supply chain cycle time – direct delivery, weekly entry and weekly export. • Communities can retain existing jobs, attract new jobs and gain developer investment in the local community Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  12. Aerial view photo Prince George’s County Economic Development Corporation

  13. Master Plan Prince George’s County Economic Development Corporation

  14. Steeplechase 95International Business Park Foreign Trade Zone 63

  15. Description of the Site • Steeplechase 95 International Business Park is a 110-acre mixed-use development located at the Capitol Beltway (I-495) and the new Ritchie Marlboro Road interchange. • The business park offers individual sites that can accommodate buildings from 50,000 to 500,000 square feet, excellent access, visibility, and ample amenities Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  16. Restaurants Banks Gas and Convenience Stores Offices for International Agencies (conceptual) New Product Exhibition Space (conceptual) Meeting Space (conceptual) Small Trade Offices with Shared Services (conceptual) Advanced Telecommunications systems Landscaped Park-like setting w/ hiker-biker trails (conceptual) Video conference Suite (conceptual) Secure and Well lighted common areas WiFi Internet access (conceptual Supporting Trade Facilities and Operations (conceptual) Public Transit Accessibility On Site-Parking Proposed Amenities at Steeplechase 95 International Business Park Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  17. INTERNATIONAL TRADE SERVICES BUILDING 220 room 4-star hotel Hotel condo units serviced through the concierge 75,000SF+ office space to include an 11,000SF office block to accommodate an international incubator and small trade offices Meeting rooms Small exhibition space Underground structured parking Proposed Amenities at Steeplechase 95 International Business Park Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  18. Premium Location • Located at I-95 in one of the most commercially desired areas in Prince George’s County, Maryland: • Foreign Trade Zone • Maryland Enterprise Zone • State of Maryland Priority Funding Area Premium Property Premium Location Exceptional Opportunity Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  19. Premium Location • Over 5.5 million people in Baltimore-Washington Metro area • Accessible by I-95 • Within an overnight freight haul to over 100 million people • 20-30 minutes from the 3rd largest US seaport (Port of Baltimore) and BW Thurgood Marshall International (cargo operations) Premium Property Premium Location Exceptional Opportunity Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  20. Provides a Gateway to: • The North/South Corridor • I-95 (Florida to Maine) • I-70 (Ohio Valley) • The Port of Baltimore • Baltimore Washington Thurgood Marshall International Airport (BWI) • Dulles International Airport (IAD) Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  21. Housing related industries Auto parts and related products Chemical Products Plastics Rubber Products Joinery Tubes Pigments Essential Oils Perfumery, Cosmetics, Shampoos, Make-up Polymers Electronics Polyethylene Polyurethane Petroleum resins Floor and wall coverings Plates and sheets Wood, cork, and straw products Nickel Specialty steel Aluminum Products Medicines Clothing Medicines Aerospace Preferred Market Sectors Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  22. Maryland’s Manufacturing Incentive Package • No gross receipts tax for manufacturers • No sales tax on: • capital manufacturing machinery and equipment • tangible personal property • equipment or materials used or consumed in manufacturing • Gas, electricity, steam, oil or coal consumed directly or predominantly in a production activity • No State or business personal property tax • No income tax on foreign dividends (if corp. owns more than 50% of subsidiary) Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  23. Maryland Enterprise Zone Program • The real property taxcredit is 80% of the taxes due on the increase in assessed value as a result of the capital improvements in the property over the first five years, decreasing 10 % annually during the following years • The income tax credit is a one-or three-year credit for hiring new employees. • Generally, $1,000 • Economically disadvantaged, $6,000 Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  24. Maryland Research and Development Tax Credit • Basic R&D Tax Credit • 3% of eligible R&D expenses that do not exceed firm’s four year average • Growth R&D Tax Credit • 10% of eligible R&D expenses that do not exceed the firm’s four year average Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  25. Other Tax Credits • Maryland Job Creation Tax Credit • Maryland Disability Employment Tax Credit • Employment Opportunity Tax Credit for Employers • Work Opportunity Tax Credit (Federal) Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com

  26. Contact Prince George’s County Economic Development Corporation 1100 Mercantile Lane, Suite 115A Largo, MD 20774 Phone: 301-583-4650 Email: info@pgcedc.com Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com