Senate Bill 169 enacts the Strategic Economic Development Site Readiness Act and makes an appropriation.
 

 Senate Bill 169 in Section 1 names the Strategic Economic Development Site Readiness Act (Act).
SECTION 2 provides definitions as used in the Act.
SECTION 3 allows for site characterization studies with public and private partners for proposed economic development sites to determine the suitability for certification as a strategic economic development site. 
Directs that the secretary shall accept proposals for site characterization studies and shall decide if a proposed site will be the subject of a site characterization study.
A site characterization study shall assess the suitability of a proposed economic development site for development and may consider the characteristics specified in this subsection.
SECTION 4 
- creates the Strategic Economic Development Site Advisory Committee (Committee) for which  the department provides administrative services.
- specifies the composition of the Committee.
- specifies appointed public members shall initially draw lots for the staggered six-year terms and provides that a vacancy of a public member shall be filled by the New Mexico Legislative Council.
- directs the selection of a chair 
- provides per diem and mileage for members who are not public employees;
- requires certification annually of any members’ conflicts of interest.
SECTION 5 provides the duties of the Committee as specified in this section.
SECTION 6 provides for the designation and implementation of strategic economic development sites as follows:
A. The secretary shall review site characterization studies conducted pursuant to the Act and shall determine, after consideration of the recommendations of the Committee: 
(1) whether there needs to be further study of the proposed economic development sites; or 
(2) whether the proposed economic development site should be designated as a strategic economic development site. 
B. Upon designation as a strategic economic development site, the secretary may solicit proposals from public and private partners for site pre-development projects that will enhance the readiness of the strategic economic development site for immediate development, as specified in this subsection.
C. The secretary shall review proposals from public and private partners for site pre-development projects and shall determine, after consideration of the recommendations of the Committee, which proposed site pre-development projects could be funded in whole or in part from the Site Readiness Fund (Fund) and other resources.
SECTION 7 creates the Fund as follows:
A.The Fund is created in the state treasury consisting of funds from the usual sources. Income from the fund shall be credited to the Fund. Money in the Fund shall not revert or be transferred to any other fund at the end of a fiscal year. 
B. The department shall administer the Fund. Money in the Fund is appropriated to the department for the purposes of carrying out the provisions of the Act, including site characteristic studies of proposed economic development sites and site preparations of strategic economic development sites.
C. Money in the Fund may be used to provide grants and loans for financing site predevelopment projects. 
D. Money in the Fund may be used for administrative and reimbursable costs incurred by the department. 
SECTION 8 requires an annual report by October 1, 2026, and each year thereafter. The secretary shall provide a report to those specified in this section and include the information specified.
SECTION 9 appropriates $24,000,000 from the General Fund to the Fund for expenditure in Fiscal Year 2026 and subsequent fiscal years for the implementation of the Act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the General Fund. 
SECTION 10 makes  the effective date of this act July 1, 2025.
 

 Senate Bill 169 is amended by the Senate Finance Committee to remove  the appropriation.
In the title, “Making an Appropriation” is deleted. Section 9— Appropriation— is deleted.
 

 Senate Bill 169 is substituted by the Senate Tax, Business and Transportation Committee as follows:
In Section 3 titled Site Characterization Studies, Subsection C, which specifies a site characterization study shall assess the suitability of a proposed economic development site and consider specific characteristics, adds a characteristic: Paragraph (6) housing availability.
Section 5 titled Strategic Economic Development Site Advisory Committee is amended in Subsection E to add that the committee shall consult with county and local governments as well as the state on technical issues and for grants and loans from the Site Readiness Fund.