SF Business Times writes New York state's economic development arm, Empire State Development Corporation, has delayed the vote on funding for AMD's plant in Malta, NY, by at least a month. The agency has promised AMD a $1.2 billion package of tax breaks and cash.
The board of directors of the Empire State Development Corp. meets Thursday in Manhattan. Board members had been scheduled to vote on whether to transfer a $1.2 billion package of state incentives from Sunnyvale-based AMD (NYSE: AMD) to The Foundry Co., a joint venture between AMD and Advanced Technology Investment Co., which is based in Abu Dhabi, the capital of the United Arab Emirates.
Instead, that vote has been postponed until a December meeting, according to AMD and state officials.
Travis Bullard, a spokesman for AMD, said the decision to push off a vote until the board’s December meeting does not delay the plant.
“Everyone’s still really optimistic,” Bullard said. “With a project of this size, there’s a lot of documentation to be put together for [Empire State Development] to make that transaction. It was a sort of aggressive goal to get everything ready for [today].”