PROVIDENCE – The R.I. Commerce Corp. has applied for what effectively will be a statewide designation as a Foreign Trade Zone, under an administrative rule that allows an existing trade zone to be broadened within 60 miles of the U.S. Customs port of entry. In Rhode Island, that port happens to be in Warwick, which would put all of the state into a Foreign Trade Zone. If the expansion is authorized, all companies in the state would become eligible to apply for designation as an approved zone user, according to John Riendeau, director of business development for Commerce RI. The benefits for companies that use foreign materials in domestic sales include reduced tariffs on imported materials or products that are then enhanced or made into a final product, and more flexibility in paying tariffs. Companies that import products or materials, and work on them before reselling to international customers pay no tariff if the activity is in a foreign trade zone.While the U.S. has several thousand tariffs, depending on the material and the country of origin, a company that imports a raw material, then refinishes it into a product, always pays the lesser of the tariff for the finished good or the original material, Riendeau said. “You always, always pay the lesser value,” he said. The Commerce RI application, filed late in December, is now before the Foreign-Trade Zones Board, a federal entity that reports to Congress. A hearing date has not been scheduled. The state now has a single foreign trade zone with three locations: 880 acres at Quonset Business Park, including the Port of Davisville; 43 acres at the Airport Business Center near T.F. Green Airport and 32 acres at the Port of Providence. The Providence Business News on Friday will report in greater depth, in a cover story, on what the expansion could mean for Ocean State businesses. Mary MacDonald is a staff writer for the PBN. Contact her at firstname.lastname@example.org. https://pbn.com/rhode-island-become-single-foreign-trade-zone/
With prime access to regional and national transportation and exceptional coastal amenities, City Centre Warwick offers a development opportunity that you won't find anywhere else. The site embraces 95 acres built in and around Green Airport, Warwick Rail Station, InterLink and Interstate Routes 95 and 295. Embedded within a sustainable walking community will be a dense, mix-use of commercial, office, hospitality and residential space. Offering something for everyone, City Centre Warwick creates an urban experience that is active, affordable and attractive to business development, employers and residents alike.
With a cohesive identity on a local, regional and national level, City Centre Warwick and Rhode Island will attract complementary public and private investment, increasing consumer usage of transit amenities, while making the state more economically competitive in a compact Northeast market. The ultimate goal is to create a diverse, pedestrian-friendly, sustainable, mixed use community, that offers quality jobs and sustainable business growth opportunities for all Rhode Islanders.
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The vision and goal of City Centre Warwick is to revitalize and redefine the approximately 95 acres of land which comprises the district. We strive to create an attractive neighborhood center with vibrant public spaces that will serve as an engine of economic growth and vitality in the region.