The city has applied for a Free Trade Zone Application and Tuesday it held a public hearing on the matter.
By becoming a Free Trade Zone, businesses in Lubbock would be able to export and possibly import services and goods either tax-free or at a reduced-tax-rate.
Market Lubbock Chairman Mike Field says this is simply the next step in moving forward with economic development. "We've got the work force, we've got the intellectual capital. It's just the next leg in a part of a puzzle that makes us a successful economic region."
If approved, Free Trade Zone areas would be designated from the Lubbock International Airport and Reese Center.