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Subsidy Tracker Individual Entry

Company: Advanced Micro Devices (AMD); later GlobalFoundries
Parent Company: Mubadala Investment Company
Subsidy Source: state
Location: New York
City: Malta
County: Saratoga
Project Description: computer chip plant
Year: 2006
Major Industry of Parent: diversified
Specific Industry of Parent: diversified
Subsidy Value: $1,200,000,000
Subsidy Value in 2023 Dollars: $1,823,334,461
Program Name: multiple
Awarding Agency: state legislature
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 1,200
Capital Investment: $3,200,000,000
Source of Data: The subsidy amount and jobs and investment projections came from: Larry Rulison, "$3.2B AMD Plant Big Lift to Region," Albany Times Union, June 24, 2006.
Notes: AMD was originally awarded a $500 million capital grant, a $150 million R&D grant, and Empire Zone tax credits worth $250 million, with the remainder of the package going toward infrastructure improvements. AMD delayed construction and later sold all its chip plants to an Abu Dhabi-based company called Advanced Technology Investment Co., which put the New York project in the hands of a subsidiary called The Foundry Company (later renamed GlobalFoundries). Over time, there were increases in the size of the subsidy package, which GlobalFoundries inherited. In 2011 the total value was put at $1.4 billion (Larry Rulison, "State's Big Payout, Big Risk," Albany Times-Union, October 9, 2011). The main Subsidy Tracker data show two entries totaling $16.2 million for Industrial Development Agency tax breaks for the project.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.