The Watertown International Airport, a local company and other parts of Jefferson County are bound to see a big a jump in economic development thanks to changes in something called 'Foreign Trade Zone', or FTZ.
Here's the catch: just because a company is inside a Foreign Trade Zone, it doesn't mean it automatically qualifies for FTZ benefits.
For example, North American Tapes, a Watertown manufacturer of athletic tape, is already in an FTZ.
It had to apply for FTZ benefits and is still awaiting approval.
The business has been seeking Foreign Trade Zone status because the company would save $13,000 a month on import taxes.
Meanwhile, this news could benefit the Watertown International Airport.
According to Jefferson County Industrial Development Agency CEO Donald Alexander, development at the airport could also be spurred by its inclusion in the zone.
Tuesday, May 26, 2015, Watertown, NY
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