New Mexico Governor Michelle Luján Grisham signed into law two Senate initiatives focused on facilitating the development of ready sites for companies looking to locate or expand in the state. They are the Site Readiness Act (SB 169) and the Utility Pre-Deployment Act (SB 170), which were designed to operate in a complementary manner.
Both measures seek to respond to the demand for strategically located spaces with adequate conditions to allow for the rapid and less costly installation of new business investments.
SB 169 provides for the creation of an Economic Development Sites Strategic Advisory Committee to review applications for site certification from communities and property owners. Certified sites could receive funding for pre-development work, such as planning, engineering, site suitability, housing analysis and environmental remediation.
SB 170 aims to streamline regulatory processes related to public services, especially in rural areas, to attract investment. The law also empowers the New Mexico Finance Authority to provide low-interest loans to rural electric cooperatives.
Representatives from the public and private sectors stated that these actions seek to position New Mexico in a better position compared to other states that already have similar programs. According to official data, 36 states currently implement industrial site readiness schemes as an economic attraction strategy.
Although the immediate effects could be limited, local authorities are betting on a sustained impact that will contribute to improving the state’s competitiveness in the medium and long term.
