Bill > SB169

This bill establishes the Strategic Economic Development Site Readiness Act, which creates a comprehensive framework for identifying and preparing economic development sites in New Mexico. The bill creates a strategic economic development site advisory committee composed of government officials and five public members with expertise in various fields, who will review and recommend potential economic development sites. The committee will help conduct site characterization studies that assess various site characteristics including infrastructure availability, workforce and housing conditions, environmental limitations, and land use restrictions. The Economic Development Department is authorized to enter into contracts with public and private partners to conduct these studies and can designate sites as "strategic economic development sites" after careful review. A new "site readiness fund" will be established in the state treasury to provide grants and loans for site pre-development projects, which can include activities like surveying, engineering, environmental assessments, infrastructure improvements, and permitting. The department will be required to submit annual reports to the governor and legislative committees detailing the progress of these economic development site initiatives, including the number and location of sites studied and approved. The act will become effective on July 1, 2025, and aims to streamline and enhance economic development efforts by providing a structured approach to site preparation and development.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=169&year=25