Micron has agreed to a preliminary deal that would unlock more than $6 billion in federal funding toward its chip-manufacturing plans in Central New York and beyond, U.S. Senate Majority Leader Chuck Schumer announced Wednesday evening. 

Schumer's office said the company has agreed to a $6.1 billion preliminary memorandum of terms, or a PMT funding agreement, covering its Micron project in Clay, near Syracuse, and one in Idaho.

The money would come through the federal CHIPS and Science Law.

Schumer's office said it's tied to the larger $100 billion plan to build four chip fab plants in Central New York. 

The agreement still needs to undergo a review by the Commerce Department before it is final.

Gov. Kathy Hochul released a statement Wednesday night, welcoming the news.

“The largest private investment in American history is on its way to Central New York. New federal funding from President Biden’s CHIPS and Science Act will help lock in 50,000 jobs, a $100 billion investment, and millions of dollars in community benefits, along with aid from the Green CHIPS Act we passed here in New York. As the first Governor from Upstate New York in more than a century, I’m proud to have helped secure this transformative deal along with our federal partners. We’re going to revitalize our Upstate economy — one microchip at a time.”