The Clay Town Board on Tuesday approved its agreement with Micron.
Under the agreement, Micron will pay the town just over $30 million, with $20 million of that being given to the town in exchange for waving building permit fees.
The other $10 million comes from what the law refers to as the company’s portion of the Green CHIPS Community Investment Fund.
Under the agreement, that $20 million can only be used to cover town costs related to the project.
That $10 million can be spent on various projects that Micron and the town agree on.
Micron has touted the project as the largest private investment in New York’s history, with an expected $100 billion investment over the next 20-plus years.