NEW YORK — The board of the Empire State Development Corp. today approved the transfer of $1.2 billion in state incentives for the planned Advanced Micro Devices computer chip factory in the Luther Forest Technology Campus.

The benefit package, given to AMD in 2006, was transferred to a new partnership between AMD and an Abu Dhabi technology investment fund that is investing in it during a meeting in New York City.

AMD announced in October it was spinning off its expensive manufacturing operations to the new joint venture, being called The Foundry Co.

The incentives include a $650 million cash payment by the state and Empire Zone state tax credits, as well as infrastructure investment.

AMD officials have said they want to begin site work for the $4.6 billion factory in the spring and break ground on the plant in mid-2009. The plant will employ 1,465 people and is expected to attract a number of support and spin-off businesses.