MALTA, N.Y. - GlobalFoundries, one of the Capital Region's largest employers, has reached an expansion agreement with the Saratoga County town of Malta.
Under the proposed agreement, GlobalFoundries will donate millions of dollars in support of the community's needs in exchange for the rights to build a second facility.
Sausville says the town board has been working closely with GlobalFoundries for the past seven to eight months on a proposed agreement if the tech company would make a commitment to build another semiconductor manufacturing production facility.
Sausville says the expansion will add about 4,000 more jobs to the area and improve the quality of life for residents.
"We believe in 8 to 10 years we will be the most envied town in New York State," he said.
Under the proposal, GlobalFoundries will pay $3 million to buy and reconstruct Brown's Beach on Saratoga Lake, which has been closed since 2009. The goal is to get the beach up and operational by next summer.
In addition, the tech company will provide the funds to create seven new roadways to mitigate and maintain traffic, including the future development of a new Exit 11a on the Northway.