Nearly three years after officials from Advanced Micro Devices, now GlobalFoundries, announced their intentions to build a computer microchip fabrication plant at Luther Forest Technology Campus in Malta, company officials issued a formal letter of commitment to the state of New York on Tuesday that will clear the way for GlobalFoundries to build the $4.2 billion facility.
"It was three years ago this month that we announced plans to build and
operate the most advanced semiconductor manufacturing facility in the
world in upstate New York," Hector Ruiz, chairman of GlobalFoundries
said of the commitment in a press release. "Over the course of that
time we have worked hard to develop this project while reinventing our
overall business strategy and ultimately launching GlobalFoundries as a
new company. Along the way we have had tremendous support from the
people of New York and it is with great pleasure that today we announce
our official commitment and the start of the construction phase of this
exciting project."
The announcement comes just a month before a formal commitment was needed from GlobalFoundries in order for the company to receive the $1.2 billion incentive package from the state of New York.
The commitment, which had previously hit a number of bumps in the road triggering doubt by many local and state leaders over whether the facility would ever be built, was commended by Gov. David Paterson after he received word of GlobalFoundries intentions to build in Malta.
"New York is in position to lead the nation in the New Economy. This project represents exactly the type of innovation and cutting-edge technology that will give our state a critical advantage moving forward. It is also the largest public-private sector industrial investment in New York State history, with thousands of new jobs and billions of dollars in capital expenditures, which will have an incredible impact," Gov. Paterson said. "I want to thank Hector Ruiz and his team at GlobalFoundries for their commitment to this important project and their commitment to New Yorkers."
On Wednesday, GlobalFoundries officials finalized the purchase of 223-acres from the Luther Forest Technology Campus. After negotiations between the two parties, they agreed to $7.8 million for the parcel. GlobalFoundries has now become the first major tenant in the Luther Forest Technology Campus, which officials hope will include at least two more major tenants.
Work on the facility will begin Monday as workers will start clearing land on the company's newly purchased site. Officials intend to officially break ground on the new facility in July and construction is expected to take approximately two years to complete, with an additional 12 to 18 months to reach full operation. Production is intended to officially begin in 2012.
The project is expected to create approximately 1,400 new manufacturing jobs, with an estimated payroll of more than $88 million. It is also expected that the project will create an additional 5,000 new, indirect jobs in the region, with an estimated payroll of $290 million per year.
Construction of the facility is expected to create approximately 1,600 new construction jobs, plus an additional 2,700 jobs that will be created due to future growth. On Wednesday, more than 300 construction workers attended a job fair at the University of Albany to interview for 40 high-tech design and construction management positions.
Officials also announced that in preparation for the July groundbreaking they have completed a development agreement with the Town of Malta and the Town of Stillwater that will require the company to contribute $1 million towards the creation of a 32-acre public recreation complex and $4 million to establish two independent foundations designed to provide dedicated funding for future community programs in both towns.
The announcement comes just a month before a formal commitment was needed from GlobalFoundries in order for the company to receive the $1.2 billion incentive package from the state of New York.
The commitment, which had previously hit a number of bumps in the road triggering doubt by many local and state leaders over whether the facility would ever be built, was commended by Gov. David Paterson after he received word of GlobalFoundries intentions to build in Malta.
"New York is in position to lead the nation in the New Economy. This project represents exactly the type of innovation and cutting-edge technology that will give our state a critical advantage moving forward. It is also the largest public-private sector industrial investment in New York State history, with thousands of new jobs and billions of dollars in capital expenditures, which will have an incredible impact," Gov. Paterson said. "I want to thank Hector Ruiz and his team at GlobalFoundries for their commitment to this important project and their commitment to New Yorkers."
On Wednesday, GlobalFoundries officials finalized the purchase of 223-acres from the Luther Forest Technology Campus. After negotiations between the two parties, they agreed to $7.8 million for the parcel. GlobalFoundries has now become the first major tenant in the Luther Forest Technology Campus, which officials hope will include at least two more major tenants.
Work on the facility will begin Monday as workers will start clearing land on the company's newly purchased site. Officials intend to officially break ground on the new facility in July and construction is expected to take approximately two years to complete, with an additional 12 to 18 months to reach full operation. Production is intended to officially begin in 2012.
The project is expected to create approximately 1,400 new manufacturing jobs, with an estimated payroll of more than $88 million. It is also expected that the project will create an additional 5,000 new, indirect jobs in the region, with an estimated payroll of $290 million per year.
Construction of the facility is expected to create approximately 1,600 new construction jobs, plus an additional 2,700 jobs that will be created due to future growth. On Wednesday, more than 300 construction workers attended a job fair at the University of Albany to interview for 40 high-tech design and construction management positions.
Officials also announced that in preparation for the July groundbreaking they have completed a development agreement with the Town of Malta and the Town of Stillwater that will require the company to contribute $1 million towards the creation of a 32-acre public recreation complex and $4 million to establish two independent foundations designed to provide dedicated funding for future community programs in both towns.
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