AMD plant approved in New York
Silicon Valley / San Jose Business Journal
As expected, New York state's economic development arm approved $1.2 billion in state incentives on Monday for an Advanced Micro Devices Inc. in Malta.
The Empire State Development Corp.'s five-member board of directors held a special meeting in Manhattan for the vote, which was unanimous.
The incentives are tied to a $4.6 billion “chip fab” in Malta that will make computer chips for semiconductor companies, employing an estimated 1,465 people once completed. The plant will be located in the Luther Forest Technology Campus about 10 miles north of Saratoga Springs.
The state initially offered the $1.2 billion in incentives -- a combination of tax breaks and cash -- to entice Sunnyvale-basedAMD (NYSE:AMD) to build the plant. AMD officially committed to the plant in October.
But initial proposals ultimately led to the creation of The Foundry Co., which will build and operate the plant. That meant that the economic development board had to vote on whether to formally transfer the incentives from AMD to The Foundry Co., which is a joint venture between AMD and Advanced Technology Investment Co., which is based in Abu Dhabi, the capital of the United Arab Emirates.
The board was originally scheduled to vote on the assets at a regular meeting last month, but it postponed the vote because necessary paperwork was not ready.
A public hearing regarding the incentives will be held Dec. 10 at 1 p.m. at the Luther Forest site. Public hearings are often held when Empire State Development awards tax breaks or grants to a company for a project.
The state Public Authorities Control Board must also approve the transfer before it becomes official. That board’s next scheduled meeting is Dec. 17.
The Business Review (Albany)
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