Legislation addressing site readiness for developers clears first hurdle
Senate Bill 169, which would create a $24 million fund to find and prepare sites for business development, passed the Senate Tax, Business and Transportation Committee unanimously Tuesday afternoon. The bill, substituted with some technical changes, goes to the Senate Finance Committee next.
Private industry leaders have been avid supporters of site-readiness efforts long before the legislation was introduced in the Roundhouse.
Economic Development Secretary-designate Rob Black explained to the committee that even though New Mexico has successful business incentives, developers want sites with infrastructure like power or access to water that are already set up. The measure would allow EDD to partner with public and private entities to get a head start on that work.
He used Roswell as a hypothetical example, saying if the city wanted 30 acres characterized, the department could provide a free site characterization and technical assistance before evaluating the site. If a site is determined a strategic economic development site, the city could apply for more money to do work like housing studies or broadband deployment — "things that would help that site become much more developable and marketable," Black said.
"It's a way for us to really provide technical assistance and then some level of financial support to help do those studies and that pre-development work," he said.
Right after the bill explanation, Senate Minority Leader William Sharer, R-Farmington, moved to pass the legislation. It's a bipartisan effort with five sponsors. About a dozen members of the public showed up to support the legislation.
Bill co-sponsor Senate Majority Leader Michael Padilla, D-Albuquerque, said he estimates the $24 million allocation request will be adjusted when legislators hammer out the budget.
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