The Town of Malta will be putting completion of the final development agreement with chipmaker Advanced Micro Devices on hold, following discussion at a Monday, Dec. 1, Town Board meeting.
Matt Jones, an attorney representing AMD locally, raised issues with the formatting of the agreement and said that AMD won't legally be able to sign off on anything until January, prompting the Town Board to take more time to revise the document.
My preference is to get the language right that's agreeable to both sides, before submitting the document to AMD, said Jones.
The $4.6 billion facility is expected to create 1,465 jobs, mostly in technical fields.
The development agreement will call for the creation of a town manager position to work with AFT (the subsidiary of AMD that will build and operate the facility) and ensure the existing legislation is properly adhered to.
Money that AMD is donating to the town as a host community benefit will be put into a trust fund under the agreement, where it would be allowed to accumulate interest and be handled by a board of trustees. AMD has promised the Towns of Malta and Stillwater $5 million in total, with $1 million to be devoted to the construction of ballfields at the Luther Forest
Technology Campus; $1 million to go to Stillwater, and the remaining $3 million to be given to Malta as the project progresses. About $750,000 of the gift is due at groundbreaking, anticipated in 2009.
The trustees would be free to spend just 4 percent of the fund's revenues on community projects under the guidelines the town discussed Monday.
"The less we spend up front, the more money we have growing forever," remarked Councilman Peter Klotz.
AMD cleared other hurdles that same day, as the Empire State Development Corp. approved the $1.2 billion state incentive package for the project, which includes $650 million in cash. The benefits are instrumental to AMD's plans to locate in Saratoga County.