President Joe Biden is expected to visit Micron Technology in Central New York this afternoon for the approval of the company's first steps to invest $100 billion over the next 20-plus years to build a leading-edge memory megafab.

It's part of Micron's announcement to invest $100 billion over the next 20 years to build a chip manufacturing facility in the White Pine Commerce Park in the town of Clay, potentially bringing tens of thousands of jobs to the region.

President Biden will land at Hancock Field Air National Guard Base and meet Gov. Kathy Hochul just before 2 p.m., and will visit Micron and deliver remarks around 3 p.m.

"We are honored to host President Biden and many prominent leaders today in Central New York, the future site of Micron's new leading-edge megafab that will fuel U.S. innovation for years to come," Micron President and CEO Sanjay Mehrotra said in a statement. "To secure U.S. leadership in semiconductor manufacturing, cultivate American innovation and ensure economic and national security, it is imperative we come together to build and transform a workforce for the future. Our commitments through the Community Investment Framework represent the first foundational steps toward Central New York's transformation."

Hochul on Thursday is expected to sign the Community Investment Framework to solidify Micron's partnership with Empire State Development and the company's commitment for the historic investment. U.S. Sens. Charles Schumer and Kirsten Gillibrand, both D-N.Y.; U.S. Rep. John Katko and state Sen. John Mannion will attend.

Thursday's visit will be the president's second time in upstate New York this month related to new investments in the semiconductor chip industry in the wake of the signing of the CHIPS & Science Act. IBM, based in Poughkeepsie, is investing $20 billion over the next decade to become a global hub for semiconductor chip and quantum computer manufacturing.

"Micron's historic $100 billion investment secures a bright economic future for generations of New Yorkers in Onondaga County and across the state, and this transformative project cements New York's manufacturing leadership," Gov. Hochul said. "In addition to nearly 50,000 jobs, deep commitments to sustainability and opportunities for minority- and women-owned businesses and disadvantaged communities, this project's $500 million community fund will sustain the region in the long term with investments in workforce, housing and infrastructure."

Micron Technology Inc. plans to build four 600,000-square-foot “clean rooms,” on that site. It will be roughly 40 football fields in size — making it one of the largest construction projects in North America with construction spending of $31 billion and 5,600 related construction jobs, according to the governor's office.

Its Community Investment Framework includes the $500 million Green CHIPS Community Investment Fund and a Community Advisory Committee with 11 diverse community members.

Gov. Hochul, Empire State Development CEO Hope Knight and Micron CEO Sanjay Mehrotra will sign the framework.

"I am thrilled that President Biden could join us for this once-in-a-generation announcement, and I look forward to working closely with our local, state and federal partners, as well as the business and labor communities, to bring one of the largest economic development projects in U.S. history to fruition," Hochul said.

Micron's megafab is estimated to create nearly 50,000 jobs, including approximately 9,000 high-paying Micron jobs, in wake of the passage of the federal bipartisan CHIPS and Science Act.