John McCloudis editor of Net Lease forum, from whichthis article is excerpted.

New York State's multibillion dollar commitment to grow thenanotechnology industry is paying dividends. In a move Gov. GeorgePataki declares will transform the Hudson River Valley into thenext Silicon Valley, Advanced Micro Devices Inc. selected a site 20miles north of Albany for development of a $3.2 billion microchipplant. The Sunnyvale, CA-based semiconductor maker looked at sitesin Germany and several Asian countries before settling on the600-acre Luther Forest Technology Campus near Saratoga Springs. Thecompany expects to invest as much as $5 billion in thefacility.

Germany at one point appeared to be winning the project, but NYSpulled through with a package of more than $1 billion inincentives, including at least $500 million toward construction andequipment costs, $250 million in tax credits and a $150 millionresearch and development grant. In addition, federal, state andlocal governments have pledged $280 million toward road and utilityupgrades.