AMD in Record NYS Deal

John McCloud is editor of Net Lease forum, from which this article is excerpted.

New York State’s multibillion dollar commitment to grow the nanotechnology industry is paying dividends. In a move Gov. George Pataki declares will transform the Hudson River Valley into the next Silicon Valley, Advanced Micro Devices Inc. selected a site 20 miles north of Albany for development of a $3.2 billion microchip plant. The Sunnyvale, CA-based semiconductor maker looked at sites in Germany and several Asian countries before settling on the 600-acre Luther Forest Technology Campus near Saratoga Springs. The company expects to invest as much as $5 billion in the facility.

Germany at one point appeared to be winning the project, but NYS pulled through with a package of more than $1 billion in incentives, including at least $500 million toward construction and equipment costs, $250 million in tax credits and a $150 million research and development grant. In addition, federal, state and local governments have pledged $280 million toward road and utility upgrades.