Terre Haute International Airport votes to join Indianapolis foreign trade zone

crystal.garcia@tribstar.com

TERRE HAUTE - Terre Haute International Airport-Hulman Field is one step closer to establishing a foreign trade zone.

Members of the Airport Authority Board unanimously voted Wednesday to become part of INzone, Greater Indianapolis Foreign Trade Zone's foreign trade zone No. 72.

Board member Mose Kassis was absent.

Next, the board must submit a formal request to INzone to become part of its zone. It is expected to take between 90 and 120 days and $1,500 for the zone to be established.

Once the zone is established, it must be activated. To be activated, a company just needs to use the zone.

Reel Time Logistics already has expressed interest to Terre Haute Mayor Duke Bennett's office of its need for a foreign trade zone.

A foreign trade zone allows U.S.-based companies to defer, reduce or even eliminate Customs duties on products admitted to the zone.

In 1999, Terre Haute was designated foreign trade zone No. 239, but the status was lost in 2006 because the zone was never activated. Becoming a part of INzone would save more than $40,000 and months of time.

Joining INzone was approved with the understanding that Terre Haute can still establish its own zone should that eventually need to be done.

John Van Etten, board member, thanked the mayor's office for the work it had done to make the board aware of this situation to save so much time and money.