New York makes move to foreclose on Luther Forest, take over GlobalFoundries site The Business Review - by Adam Sichko Date: Saturday, October 23, 2010, 12:05pm EDT - Last Modified: Saturday, October 23, 2010, 10:57pm EDT
A battle for control over Luther Forest Technology Campus in Malta has erupted after the state's economic development agency began an attempt to foreclose on the site and take over the entity in charge of it.
Luther Forest is a 1,440-acre site in Saratoga County, home to a massive $4.2 billion computer-chip plant being built by GlobalFoundries Inc. that could create 1,400 jobs or more.
The state's top economic development official told The Business Review that GlobalFoundries is falling behind schedule as a result of delayed infrastructure work overseen by Luther Forest Technology Campus Economic Development Corp., the nonprofit entity responsible for preparing the Luther Forest site.
On Oct. 22, the state started the process of foreclosing on Luther Forest. The state sent letters informing the organization that it defaulted on state loans that came due earlier this year.
Luther Forest has received tens of millions of dollars from the state to handle road, sewer, water and other infrastructure projects to support the GlobalFoundries chip plant.
"Over the last several months, we've been repeatedly falling behind," Dennis Mullen, commissioner of Empire State Development Corp., told The Business Review. The state agency pledged $1.2 billion of cash incentives and tax credits to entice GlobalFoundries to locate in Saratoga County.
Mullen said he wants to install new executives and board members at Luther Forest. He told board members at an Oct. 20 meeting that they must resign and let the state run Luther Forest, or else he would begin the foreclosure process. The board of directors of Empire State Development Corp. was scheduled to approve the takeover of Luther Forest at an Oct. 21 meeting. That item, however, was pulled from the agenda at the last minute after Luther Forest board members would not comply with Mullen's demands.
"Let me be crystal clear that the state must have control," Mullen said. "All decisions going forward, all investments going forward, will not be impeded by the agendas of individuals at the expense of what's in the best interest of taxpayers." "The fact is, the state will not be held hostage by this board as we move forward,"Mullen added. "It is imperative for the state to step in and manage this project to completion."................>>>>.................>>>>...............................Read more:http://www.bizjournals.com/albany/news/2010/10/23/new-york-makes-move-to-foreclose.html
They must be getting ready to really slow the thing up!
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Looks like Global Founderies, like the metroplex projects, will be a totally 'taxpaid' project with NO return on their investment!!!Are there ANY smart financial people left in NYS with ANY brains????
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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