The application to the SCIDA reveals AMD will seek to purchase between 200 and 340 acres of land at the Luther Forest Technology Campus.
AMD says the facility will supply 1,465 jobs directly, with a payroll of $88 million. Hopes are to have the doors open by 2011 and ramp up operations over the following years.
Created in 1986, the Empire State Zone program is meant to entice businesses to build in certain areas by offering tax breaks. There are 82 zones across the state, and businesses must prove to the Department of Economic Development that their project will create new jobs and invest in the area.
The benefits of enrollment in the program include wage tax credits, reduced utility rates and tax credits to compensate for the cost of creating new jobs. In most cases a qualifying business will also receive a 10-year exemption from sales and, in some cases, property taxes.
"It alls comes down to competition," Brobston said. "The state of New York is one of the highest taxed states in the nation. The Empire Zone Program was designed by the state of New York to make us competitive in the national competitions for manufacturing projects."
"The people that are on [the IDA] board look at this as a very important job, to get this business here, get these quality jobs, and make Saratoga County stand out from the counties around it," said Valentine.
In AMD's case, the roughly $1.2 billion state incentive package will include $650 million in grants to the company, and the rest will be paid out over a period of 10 years in Empire Zone benefits.
Under Malta's zoning legislation for LFTC, businesses that locate there will have to pay full property and school taxes. The Ballston Spa School District and the Stillwater Central School District will split the taxes, 75 percent and 25 percent.