GlobalFoundries gains local OK for $70M in financing for new infrastructure

PHOTOGRAPHER: Stephen Williams

GlobalFoundries this morning won local approval for up to $70 million in financing for new infrastructure at the Luther Forest Technology Campus.

The arrangement was approved by the Saratoga County Industrial Development Agency, but still needs approval from state agencies.

The semiconductor maker would be paying for the work through tax increment financing, which could qualify the borrowing for a state economic development tax credit.

The company, which has built a $6.9 billion semiconductor plant and has started a $2 billion research and development center, would use the money to pay for additional road construction, a 10-million-gallon water tank, electrical substation work and a new natural gas supply line to serve the tech park.