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<br />HoustonChronicle.com - Pasadena presented with trade zone proposal <br /> <br />Page 1 of2 <br /> <br /> <br />HoustonChronicle.com -- http://www.HoustonChronicle.comISection: Pasadena/Baytown news <br /> <br />May 24,2006, 1:54PM <br /> <br />Pasadena presented with trade zone proposal <br /> <br />By CAROL CHRISTIAN <br /> <br />As many as 1,500 new entry-level jobs and annual tax revenue of at least $250,000 could await <br />Pasadena if the City Council approves the city's first Foreign Trade Zone, officials say. <br /> <br />An agreement between the city and LIT Industrial <br />Limited Texas Partnership was approved on first <br />reading at Tuesday's council meeting. The <br />agreement specifies that the company will not be <br />exempt from any city taxes if the zone is <br />established. <br /> <br />The agreement must also be approved on second <br />reading, which is expected at 7:30 p.m. May 30 at <br />City Hall, 1211 E. Southmore Ave. <br /> <br />LIT owns 84 acres at Texas 225 and South Street <br />where it plans to build an industrial park, said Trey <br />W. Boring, senior vice president of the consulting <br />firm IMS Worldwide Inc. <br /> <br />ADVERTISEMENT <br /> <br />I GRADUATED IN <br />.~~~~.~~~.~~ <br />~.~.~.!J 2!:J.~.~ ~~ <br />~.~~~~~~~~ <br />~~~~~~~.~~ <br />~~.~~~~.~~~ <br />~~~.~~.~ <br /> <br />II classmate~.(om <br /> <br />LIT intends to build and rent out six "cross-dock facilities" - warehouses where shipments are <br />transferred from one mode of transportation to another or are repackaged, Boring said. <br /> <br />The agreement that City Council approved Tuesday states that LIT's tenant companies will not ask for <br />tax breaks on their inventory if the zone is established in Pasadena. Although the federal statute that set <br />up the Foreign Trade Zone program allows companies to seek exemptions from inventory taxes, LIT's <br />agreement with Pasadena states that it will waive that right. <br /> <br />The LIT site will not be a new zone but will be an expansion of Foreign Trade Zone 84, which is <br />administered by the Port of Houston Authority. Zone 84 includes all Foreign Trade Zone sites in Harris <br />County. <br /> <br />Established in 1983, Zone 84 has been expanded 34 times since then, according to the Web site of the <br />U.S. Foreign Trade Zones Board. Altogether, Zone 84 includes 1,758 acres, port officials said. <br /> <br />http://www.chron.com!cs/CD Alprintstory .mpl/nb/pasadena/news/3 885869 <br /> <br />5/25/2006 <br />