New York Corporate Moves
GLOBALFOUNDRIES Building $4.2-Billion Microchip Plant in Malta, NY
Luther Forest Technology Campus Economic Development Corporation (LFTC) and GLOBALFOUNDRIES held their official groundbreaking last month in Malta, NY for the construction of a $4.2-billion microchip fabrication plant, called Fab 2, marking the beginning of construction of what is planned as the most advanced chip fabrication plant in the world.
The project, located in Saratoga County, NY, is expected to create 1,400 high-tech jobs in the region.
LFTC is actively seeking additional tenants for the remaining nine development areas. In addition to almost a decade of planning, by economic development entities and state and local government leaders, public-private partnerships have contributed to the success of LFTC. The state of New York has contributed up to $1.2 billion in incentives toward the GLOBALFOUNDRIES project.
â€śThe groundbreaking is proof that GLOBALFOUNDRIES is officially a part of Luther Forest Technology Campus and will bring positive benefits to Saratoga County,â€ť said Michael Relyea, president of Luther Forest Technology Campus. â€śAs one of the largest economic development projects in the country, it is monumental in moving the region toward a brighter economic future. This investment in the global economy shows Luther Forest Technology Campus as a model for the nation.â€ť
The GLOBALFOUNDRIES project is slated to employee around 1,600 construction workers over the next two to three years plus an additional 2,700 workers for local construction-related jobs. In addition, the fab will create more than 1,400 high-tech jobs with an estimated annual payroll of $88 million once production begins, as well as around 5,000 indirect jobs in the region. The total estimated annual payroll for all jobs is $290 million.
â€śLuther Forest Technology Campus offers an outstanding business environment while Saratoga County and the Capital Region offer an outstanding high quality of living including stellar public education, at the base of the Adirondacks,â€ť said Dennis Brobston, president of Saratoga Economic Development Corporation.
The build out of the campus is expected to lead to future growth for Tech Valley, as additional companies move to the area. LFTC is shovel-ready, featuring flexible lot sizes of up to one million square feet for the remaining development areas. The campus has access of up to 15 million gallons per day of fresh water, redundant power with 99-percent reliability, sewer lines and telecommunications. Because the soil composition absorbs vibration, the land is ideal for high-tech construction.
Centrally located between New York City, Boston and Montreal, LFTC is close to an international airport, a rail system and a major port. The newly constructed Round Lake Bypass gives direct access to LFTC from the highway, 1.5 miles away.
The campus is ideal for high-tech sectors and is pre-permitted for nanotechnology manufacturing as well as support businesses, research and development, community uses and an executive conference center with lodging. 60 percent of the campus is dedicated green space, including 619 acres designated as wooded areas and 109 for preserved park areas.
GLOBALFOUNDRIES production is currently centered at a state-of-the-art 300mm manufacturing campus-known as Fab 1-in Dresden, Germany. Consistently ranked as one of the top fabs in the industry, Fab 1 has a proven track record of ramping leading-edge technologies at high-volume and mature yields, most recently evidenced on a seamless ramp of 45nm process technology.
National Grid Awards Grant to Genesee Park
National Grid has awarded the real estate affiliate of the Genesee County Economic Development Center (GCEDC) $100,000 to be used for infrastructure at the Genesee Valley Agri-Business Park. The grant was awarded through National Grid’s Shovel Ready Infrastructure program and will help extend electric service into the park which is owned by a public/private partnership that includes the GCEDC and Farm Credit of Western New York.
The park is located between State routes 5 and 63 in Batavia, NY and sits in close proximity to OAKTA Milk Products, a regional balancing plant. When completed, the site will contain nearly 200 shovel ready acres that will be serviced by industrial-class electric, gas and rail. The park also has access to 6 million gallons of aquifer water daily, ideal for food production applications.
The GCEDC and Farm Credit have an agreement in place that will give the GCEDC 51 percent ownership of the new entity, called the Genesee Valley Agri-Business Park LLC. Phase 1 construction, which will include $6 million worth of infrastructure improvements, will begin early in 2009 with construction of the roadway. $3 million in funding is being provided by the state.