The Empire State Development Corporation, New York's economic development authority has approved $1.2 billion in state incentives for a foundry fab plant in Malta, NY by the AMD (eventually The Foundry Company). The incentives are tied to a $4.6 billion fab plant that will make computer chips for semiconductor companies, employing an estimated 1,465 people once completed. The plant will be located in the Luther Forest Technology Campus about 10 miles north of Saratoga Springs.

The $1.2 billion incentive comprises of tax-breaks and cash to AMD, toward building the plant. The development authority's five-member board of directors met in Manhattan for the vote, which was unanimously in favor of it. A public hearing regarding the incentives will be held Dec. 10 at 1 p.m. at the Luther Forest site.