STRATEGIC ECONOMIC DEVELOPMENT SITE READINESS

SB 169 creates a framework to certify sites ready for immediate economic development in New Mexico. It requires the economic development department to conduct site characterization studies assessing infrastructure, environment, workforce, and other factors, then recommend sites for certification to a new advisory committee. The committee - comprising state agency representatives and public experts - reviews sites, recommends designations, and advises on funding for pre-development work like environmental remediation, infrastructure upgrades, and permitting. Once certified, sites become eligible for grants or loans from the new "site readiness fund" to cover costs before construction begins, directly supporting developers and local governments preparing land for business growth.