KEDA plans FTZ site visit

Members of the Koochiching Economic Development Authority Board are expected to visit the site of Borderland’s foreign trade zone following the KEDA Board meeting Thursday.

The KEDA Board is scheduled to meet at 9:30 a.m. at the KEDA office located at 405 Third St.

The visit to the FTZ site, located east of Ranier, is scheduled to help board members visualize the area while developing a strategic plan for marketing the area.

FTZs are considered to be outside of U.S. Customs Territory for the purpose of customs duty payment. Goods entering FTZs are not subject to customs tariffs until the goods leave the zone and are formally entered into U.S. Customs Territory. Merchandise that is shipped to foreign countries from FTZs is exempt from duty payments. This provision is especially useful to firms that import components in order to manufacture finished products for export.

Meanwhile, the KEDA Board is expected to discuss wetland issues concerning development of business parks in International Falls and Littlefork.

Attorney Joe Boyle is scheduled to brief members on the agency’s insurance coverage and to review recommendations for its bookkeeping provided by the state audit. This issue is being brought to the table after more than $300,000 was taken from the agency by a former employee who was convicted in Koochiching County District Court of forging the signatures of KEDA officers on KEDA checks and depositing the money in her personal bank account.

The board is also expected to discuss the status of the board position of Karin Elhard, Northome. Elhard has indicated she longer wishes to serve on the KEDA Board. In addition, the board is scheduled to hear a report from its treasurer and director.