SARATOGA COUNTY, N.Y. -- The Saratoga County IDA Board has approved GlobalFoundries’ request to sell $70 million in bonds to pay for infrastructure improvements at the Luther Forrest Technology Park.
Following three separate public hearings Monday morning, the county Industrial Development Agency approved the request unanimously.
The company requested to sell $70 million in bonds to pay for road upgrades, along with a new water tower and natural gas line.
Initially in 2006, state leaders agreed to pay for infrastructure improvements, but since funding dried up, the company needed a new source of funds.
"GlobalFoundries is, in my mind, a great corporate citizen. I think they're coming with an opportunity, hopefully they'll end up spending $23 or $24 billion and I think this is a small thing we can do to help them move this project forward," said Richard Dunn, Saratoga County IDA Vice Chairman.
"Right now, the only project in the park is GlobalFoundries and to get all this infrastructure is very important for future growth of the park," said Saratoga County IDA Chairman Raymond Callanan.
Because GlobalFoundries is grandfathered into the state's now defunct Empire Zone program, they will be able to apply to have the money reimbursed.