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New York Corporate Moves

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. “The groundbreaking is proof that GLOBALFOUNDRIES is officially a part of Luther Forest Technology Campus and will bring positive benefits to Saratoga County,” said Michael Relyea, president of Luther Forest Technology Campus. “As 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.” 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. “Luther 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,” 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 […]








New York Corporate Moves

New York Corporate Moves

Niagara Falls Powers Growth of Green Jobs In May, Empire State Development (ESD) and the New York Power Authority (NYPA) announced an economic development package for Globe Specialty Metals in Niagara County, bringing 500 new “green collar” jobs to the area. The package includes a major allocation of low-cost hydropower from the Niagara Power Project that will serve as the linchpin for the reopening and expansion of Globe’s manufacturing facilities in Niagara Falls. “This is another demonstration of our resolve to revitalize economic development in Upstate New York,” says New York Governor David Paterson. “This project signifies how powerfully competitive New York State can be in attracting businesses when we pool our resources-in this case, low-cost hydropower through NYPA and an Empire Zone incentive through Empire State Development.” Alan Kestenbaum, chairman and CEO of Globe, says, “This project will be a cornerstone for New York to realize its goal of making the state a major center for production and research for renewable energy and, in particular, solar energy products.” Twenty-five percent of Globe’s upgraded silicon production from its new Niagara Falls facility will be used to attract new solar panel manufacturers to New York state, thus spurring the development of the “green collar” industry in Western New York. Globe will reopen the existing Highland Avenue silicon production facility in Niagara Falls and invest in upgrading the equipment to produce approximately 30,000 tons of metallurgical grade silicon annually. In addition, it will build a new 100,000-square-foot facility in Niagara Falls to annually convert its metallurgical grade silicon into 4,000 tons of solar grade silicon, enough to produce 500 megawatts of solar power. ESD and NYPA created an incentive package that provides Globe with 40 megawatts of hydropower over five years and up to $25 million in Empire Zone benefits for up to 10 years. The company will provide a capital investment of $60 million. Medical Center Expands, Quickens Rochester’s Pulse Earlier this year, the University of Rochester Medical Center announced a strategic plan that calls for a $500 million investment over the next five to 10 years. The plan proposes the construction of a Clinical and Translational Science Building to house research and training programs, in addition to a $259-million expansion of Strong Memorial Hospital, a 52,000-square-foot, off-campus ambulatory surgery center. The economic impact of the plan will include 771 new jobs at the medical center, 1,000 permanent jobs in the community, and an average of 1,400 construction jobs per year associated with various projects through 2015. The plan’s medical focus […]