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Project Will Bring Thousands of Jobs, Aiding the Region's Economy in the Largest Economic Development Project in the United States
Luther Forest Technology Campus Economic Development Corporation (LFTC) today welcomed GLOBALFOUNDRIES as they held their official groundbreaking in Malta, NY for the construction of an approximately $4.2 billion microchip fabrication plant, called Fab 2. This marks the beginning for the construction of the most advanced chip fabrication plant in the world. By locating in Saratoga County, New York, this project demonstrates a new era of innovation and prosperity for upstate New York, the US and the global technology marketplace.
LFTC is actively seeking additional tenants for the remaining nine development areas. This groundbreaking initiates an intensified international recruitment process for additional innovative technology companies.
Economic Development Incentives to Grow Long-Term Careers and Jobs
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 approximately $4.2 billion project for GLOBALFOUNDRIES.
"Today's 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.
Shovel Ready Project Attracting More Businesses to Saratoga County
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 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.
About Luther Forest Technology Campus Economic Development Corporation (LFTC)
Luther Forest Technology Campus, located in New York's Tech Valley, is a shovel-ready site and is the perfect cornerstone of business and lifestyle. The 1,414-acre (573 hectares) site is designed for semiconductor and nanotechnology manufacturing as well as other innovative industries. The site is environmentally-friendly and pre-approved, with dedicated Interstate highway access only 1.5 miles away. The site offers abundant water, reliable electrical and gas systems and has a user-friendly site-plan review process in place. Luther Forest Technology Campus will be home to GLOBALFOUNDRIES, a state-of-the-art 300 mm fabrication facility to begin construction in summer 2009 with anticipated production in 2012. To find out more about the campus and learn more about customized incentive packages from the state of New York.
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Shorey Public Relations
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