The state of New York has approved $1.2 billion incentives for Advanced Micro Devices and the Foundry Company (TFC) to build a manufacturing facility in the Luther Forest Technology Campus about 10 miles north of Saratoga Springs. The companies may now proceed with the construction.
The $1.2 billion is a combination of tax breaks and cash for TFC, a joint-venture between Advanced Micro Devices and Advanced Technology Investment Company, which will build and operate the fab, which cost may be as high as $4.6 billion. The plant will employ about 1465 people.
A public hearing regarding the incentives will be held December 10 at the Luther Forest site, reports San Jose Business Journal. 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 December 17, 2008.
The fab in New York is projected to start producing chips using 32nm process technology in 2012 and ramp up to full production in 2013.