Per the Capital District Business Review, GlobalFoundaries (the successor to AMD) is already pursuing a $2 BILLION expansion of its Malta, NY chip fab even before the fab issues its first chip. . . . Good news?
. . . the deal may hinge on whether the state is able to offer additional incentives.This story has a familiar ring to it, with echoes from Syracuse . . . and from Rome . . .
GlobalFoundries is negotiating with lawmakers for $300 million in incentives, said Assembly Majority Leader Ron Canestrari, D-Cohoes.
“They’re just too important to ignore. They have a proven track record . . ."
The state already had approved $1.3 billion in tax breaks and cash incentives to convince GlobalFoundries to begin building the chip plant in Malta . . .
The "Adolfo G" comment on the story contains more content and information than the story itself. If true, NYS could be one of the biggest losers in history while portraying itself as a winner, because it may have invested taxpayers money in a business with a failing model.
Investments in public infrastructure designed to serve private needs IS THE SAME AS investing in private enterprise whether it technically is so or not. The public simply did not need the roads, water lines etc that have been installed for the chip fab.
This is why the State Constitution forbids investing public funds in private enterprises. It is gambling with OUR money. . . . and it takes so much out of the State's economy to serve ONE business in ONE area that it chases away other business opportunities that might be out there . . . ones repulsed by this state's high costs.
It's time to end this practice. No more state incentives for businesses, no more special deals, fire all the "industrial development" "experts." We are better off without them