STRATEGIC ECONOMIC DEVELOPMENT SITE READINESS

New Mexico funds development site preparation

Beginning July 1, 2025, New Mexico's Economic Development Department runs a program to study and prepare economic development sites. The secretary chooses sites for studies and decides which receive a strategic site designation after considering committee advice. Studies assess roads, utilities, environmental limits, land conditions, workforce, housing, ownership, and permit needs. Public entities, private partners, and public-private teams can receive grants or loans for work at designated sites. Eligible work includes engineering, environmental cleanup, roads, utilities, land preparation, and permits that improve readiness. Funding can come from the new Site Readiness Fund, the Public Project Revolving Fund, or other sources. The law sets no award amounts or caps. The Site Readiness Fund receives appropriations, gifts, grants, donations, loan repayments, and earnings; unused money stays in the fund. It also pays for studies and preparation, while department administrative and reimbursable costs remain subject to legislative appropriation. An advisory committee reviews sites, recommends funding decisions and application rules, and consults state, local, and tribal stakeholders. It includes agency representatives and five public experts appointed by the Legislative Council. Members with disqualifying interests cannot take part in or influence site decisions. Members who are not public employees receive daily allowances and mileage payments. Each October 1, starting in 2026, the department must report to lawmakers on sites, projects, funding, fund activity, and recommended changes. The law provides no direct household payments.