New York State has approved a $1.2 billion state incentive package for AMD.

AMD's Foundry Co. plans to build a fab in Malta, NY, in Luther Forest Technology Campus, some 10 miles north of Saratoga Springs. The new plant should cost $4.6 billion and employ 1,465 people.

AMD applied for the incentive earlier in the year, prior to the creation of The Foundry Co., so New York's economic development board had to transfer the incentives to the new company. It was scheduled to vote on the issue last month, but the vote was postponed, as some of the paperwork wasn't ready.

The New York State Public Authorities Control Board must approve the incentive before it becomes official, and it will probably do so on December 17th. A public hearing regarding the plan will be held on December 10th.

More here.