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GlobalFoundaries and New York state economic development officials have reached an agreement on a nearly $16 million incentive package that will pave the way for an expansion of the company’s $4.6 billion computer chip factory in Malta, according to TimesUnion.com.
The chip manufacturer, which is already in line for nearly $1.4 billion in cash and tax breaks, can earn an extra $15.8 million from the state if it hires 450 additional workers by 2018. That’s on top of the 1,205 people that GlobalFoundries is required to hire in exchange for the $650 million in cash the state has offered the company to offset construction costs.
GlobalFoundries must submit invoices to Empire State Development Corp. to be reimbursed from that original grant.
The new incentive package, which is detailed in a Memorandum of Understanding with ESDC, is part of a plan announced in June to expand the size of the manufacturing clean room that it is building for its factory, known as Fab 8, said GlobalFoundries spokesman Travis Bullard.
An additional 90,000-square-feet of clean room space — part of what’s known as Phase 2 — is expected to cost GlobalFoundries $336 million on top of the $800 million it had already budgeted for the facility.
Details of the MOU were revealed Wednesday at a Saratoga County Board of Supervisors meeting.