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Gov. Michelle Lujan Grisham signed two senate bills into law to expedite the creation of shovel-ready sites for businesses looking to relocate or expand in New Mexico.
The Site-Readiness Act (SB 169) and the Utility Pre-Deployment Act (SB 170) are designed to work together in response to the need for designated economic development sites that are strategically located to become ready for businesses to move in quickly and with less expense.
“This literally lays the groundwork for economic growth in New Mexico,” EDD Cabinet Secretary Black said. “New businesses can hit the ground running, and that momentum gives our state the competitive edge that will generate more and better jobs for New Mexicans.”
“As a private developer in Doña Ana County, the passage of SB169 will significantly improve New Mexico’s competitive position for site selectors,” said Christopher Lyons, developer of Westpark Logistics Center in Santa Teresa. “Companies looking to move operations to the US from Asia, and those in the digital space, need to make very quick decisions. Sites that aren't fully improved aren't even considered, so having shovel-ready sites is critical. This will definitely improve our opportunities to grow New Mexico’s economy.”
SB 169 establishes the Strategic Economic Development Site Advisory Committee, which will review applications from local communities and property owners for site certification. Certified sites will qualify for pre-development funding for: utility improvements. engineering and planning site preparation environmental remediation housing analysis.
Because power is a critical piece of the infrastructure puzzle, companion bill SB 170 focuses on speeding up the regulatory review process for utilities approval, to allow for earlier investments in infrastructure on these high-potential sites. The bill also allows the New Mexico Finance Authority to provide low- interest loans to rural electric cooperatives to fund the projects so rural parts of the state can better compete for jobs.
Thirty-six U.S. states already have site-readiness programs, with outcomes proving this approach works.
Though these bills will not have strong short-term effects, they will ripple through our economy and give New Mexico an edge on the competition for generations to come claim proponents.
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