Earlier this year, the Owensboro-Daviess County Regional Airport (OWB) voted to approve a plan to secure a foreign trade zone to generate new revenue for the airport. Fast forward to now, and they hope to have the designation by the end of next week.
According to the International Trade Administration, foreign trade zones (FTZ) are designated sites where special customs procedures may be used. The procedures allow domestic activity involving foreign items to transpire before formal customs entry.
Essentially, the designation would offset customs advantages available to overseas producers who compete with producers in the U.S. OWB director Tristan Durbin said the designation could entice pharmaceutical and electronic companies, along with several other large companies, to store materials in the area, qualifying for specific tax advantage.
“This is a significant step towards our goal of becoming a key economic development player in the local economy,” Durbin said. “It positions us to market the airport as a true asset and utilize our developable areas.”
The Owensboro Riverport Authority presently has the FTZ designation. Like it, OWB would fall under the purview of Louisville’s FTZ, with Evansville’s Customs and Border Protection office managing the customs.
Durbin said he and the entire OWB team strive to embody a “Best in Class” mindset, continually looking and planning toward the future.
Other airport updates include efforts to increase commercial flight offerings, improve general aviation, and explore new terminal construction.
Thanks to a community grant from U.S. Congressman Brett Guthrie’s office, OWB is also converting all of Taxiway Charley’s incandescent runway lights to LEDs. Taxiway Charlie runs parallel to the primary waterway. Durbin expects the taxiway’s renovations to be complete by Septemeber 1.
We have a lot of different projects we’re working on, and our staff works hard every day to keep OWB relevant,” he said. “We’re excited about everything we have going on, and we look forward to continuing to improve infrastructure and services.”