The Foreign-Trade Zones Board has approved an application to reorganize Foreign-Trade Zone 123 in Denver, Colorado, under the alternative site framework. This decision allows the World Trade Center Denver to manage a service area that includes several counties and categorize certain existing sites as magnet or usage-driven. The approval includes conditions such as a 2,000-acre activation limit and specific sunset provisions requiring sites to be activated or have foreign-status merchandise admitted within a set number of years. This ensures that the sites will indeed be used for foreign-trade purposes.
Simple Explanation
The government decided to rearrange how a special trade area in Denver works so it can handle goods from other countries better, giving specific areas special jobs and setting rules to make sure they'll be used for this purpose.