It has long been said that AMD's arrival in Malta would bring not only an economic jolt to the area, but also more direct incentives to the locality. Along with the announcement AMD will spin off a manufacturing company know as the Foundry Company came news that $5 million will be given right to the towns of Malta and Stillwater.
The first million, to be paid upon groundbreaking, will supposedly be used to build ballfields on land at the Luther Forest Technology Campus, where Foundry will be building the chip fab. LFTC donated a 34-acre pod of land there to the town during its zoning process, and town officials have said it is the most suitable location for a large recreational space.
According to Malta Supervisor Paul Sausville, AMD has proposed that the remaining $4 million be divided between the towns of Stillwater and Malta, 25 percent to 75 percent, the same way the fab will pay school taxes. Though the Town Board has yet to vote on what Sausville called AMD's gift, he said he thinks it will be met with support.
"AMD has made the gift to us, and it's generous, and we agree in concept," he said of the $5 million. He said the best plan would be to place the money into a foundation or trust that would accrue interest. Assuming a 4 percent interest rate, the town would take in $120,000 annually.
"That foundation would be a gift that would keep on giving," said Sausville.
The $5 million in grants to the towns come at the end of a long process that has seen government at the local, county and state levels going to lengths to make Saratoga County more attractive to the chipmaker.
Local officials in Malta attended more than 100 meetings in order to write the zoning legislation for the Luther Forest Technology Campus.