June 11, 2009 GlobalFoundries buys Luther Forest land By ANDREW BERNSTEIN, The Saratogian
MALTA Saratoga County Chamber of Commerce President Joe Dalton said it best
"To everyone who said it wouldnt happen: See you, suckers!"
Dalton was one of the last speakers at a press conference held to announce the purchase of 223 acres by GlobalFoundries in the Luther Forest Tech Park.
Work will begin on Monday to construct the first of three microchip manufacturing facilities to be built by GlobalFoundries on the campus, and a formal groundbreaking is expected in July.
The project will encompass 1.3 million square feet, with total development costs expected to be $4.2 billion.
GlobalFoundries will employ about 1,500 people at the facility, and the Luther Forest Tech Campus is expected to create between 5,000 and 10,000 jobs once it is completed.
Closing on the land acquisition, the last step in a lengthy planning and approval process, was completed less than an hour before Luther Forest president Michael Relyea took the podium.
"It took 30 minutes at the bank, but it was four months of back and forth before that," Relyea said.
After negotiations, GlobalFoundries and LFTC agreed on a $7.8 million price tag for the parcel $35,000 per acre. The price factors in a state tax incentive program.
GlobalFoundries now becomes the first anchor tenant in the Luther Forest Tech Park, and Relyea said he hoped two additional major tenants would soon be joining the campus.
"Were looking at flexible displays, semiconductors and green technology," Relyea said.
For now, Relyea underscored the years of work that have gone into bringing the semiconductor industry to Malta and Stillwater.
"Welcome to the Luther Forest Tech Park," he said. "We are proud and honored to have you as our anchor tenant in what will be a world-class campus in a world-class area."
Behind Relyea, a long line of GlobalFoundries executives, labor representatives, and local and state officials were on hand to offer words about their satisfaction following the long road to making the facility a reality.
Travis Bullard, public affairs and communications manager for GlobalFoundries, said he expected to move from his home in Austin, Texas, to New York in the next few weeks.
"The semiconductor industry was targeted for Luther Forest because it is what allows our global economy to work," Bullard said.
He said that construction on the first of three planned manufacturing facilities will take about 1-1/2 years, and will reach full production by 2012.
"What a great day this is for Saratoga County," said Art Johnson, Wilton town supervisor and chairman of the Saratoga County Board of Supervisors.
"GlobalFoundries will help us maintain our reputation well into the future."
