Amkor Technology is going through the process of applying for a Foreign-Trade Zone designation for a manufacturing and distribution facility planned within the Vistancia commercial core and has asked Peoria Unified School District to submit a letter to express “no-objection” to the proposed designation.
The Peoria Unified governing board will consider approval of the "no-objection" letter at its public meeting Oct. 24.
The designation of FTZ status will provide Amkor with substantial savings on tariffs, duties, and other related costs. The designation will lower Amkor's property tax assessment rate in Vistancia from 16.5% to 5%, resulting in a change in assessments ratios and related tax implications, according to documents.
