New York’s Public Authorities Control Board has approved $300 million over five years for a global computer microchip consortium to move its international headquarters to Albany from Austin, Texas.
A state Budget Division spokesman says the board, which oversees borrowing for certain public authorities’ construction and development projects, approved $60 million a year funding on Friday.
International Sematech, a consortium of leading chip manufacturers, has said it will invest another $300 million in an expansion of its research and development program in Albany.
Sematech has had a research facility at the state University at Albany under an earlier five-year agreement with the state providing $160 million. That agreement expired in 2007.