In a significant move aimed at propelling economic development and enhancing the appeal of commercial real estate in New Mexico, Governor Michelle Lujan Grisham has signed into law two pivotal senate bills. These pieces of legislation, the Site-Readiness Act (SB 169) and the Utility Pre-Deployment Act (SB 170), are crafted to hasten the creation of shovel-ready sites, thereby attracting businesses eager to relocate or expand within the state.
The introduction of these bills into law marks a crucial step forward in addressing the dire need for strategically positioned economic development sites. These sites are intended to be primed for immediate business occupation, significantly reducing the time and expense typically associated with setting up operations. As businesses look for swift transitions, these shovel-ready sites provide an enticing proposition, leading to a more vibrant economic landscape across New Mexico.
Economic development, a keyword of paramount importance, is at the heart of this initiative. The provision of ready-to-use sites positions New Mexico as a competitive player in the national arena, offering a streamlined process for businesses to commence operations without the usual red tape. EDD Cabinet Secretary Rob Black emphasized, “This literally lays the groundwork for economic growth in New Mexico.” The promise of new businesses starting operations with minimal delays creates a momentum that not only boosts job creation but also enhances the state’s competitive edge. This, in turn, is poised to result in more robust economic development and better job opportunities for New Mexicans.
Fostering Economic Development Through Strategic Planning
Christopher Lyons, a private developer based in Doña Ana County and the mind behind the Westpark Logistics Center in Santa Teresa, expressed his optimism about the passage of SB169. He stated, “As a private developer, the passage of SB169 will significantly improve New Mexico’s competitive position for site selectors.” He further elaborated that companies relocating operations from Asia or those in the digital space demand rapid decision-making. Lyons emphasized that sites lacking full improvements are often overlooked, thus highlighting the critical need for shovel-ready sites. This development is not just a boon for local economies but also a significant leap in enhancing New Mexico’s economic development indicators.
Sandoval County, NM, stands to gain significantly from these legislative measures. As businesses scout for locations that offer economic viability and structural readiness, Sandoval County’s commercial real estate market is poised for a surge. The focus on creating certified sites opens avenues for pre-development funding, touching upon key areas such as utility improvements, engineering and planning, site preparation, environmental remediation, and housing analysis. This comprehensive approach ensures that Sandoval County is more than prepared to welcome new enterprises and bolster its economic development trajectory.
Central to the success of the Site-Readiness Act is the establishment of the Strategic Economic Development Site Advisory Committee. This body will play a critical role in scrutinizing applications from local communities and property owners, ensuring that only the most promising sites receive certification. By qualifying for pre-development funding, these sites will be primed for commercial real estate development, transforming Sandoval County into a hub of business activity and economic vitality.
The companion legislation, SB 170, addresses another critical aspect of economic development: the rapid approval of utility services. Recognizing the importance of infrastructure in the success of commercial enterprises, this bill aims to expedite the regulatory review process for utilities approval. By facilitating earlier investments in infrastructure, SB 170 is designed to ensure that high-potential sites are not hampered by bureaucratic delays. Moreover, the provision for low-interest loans via the New Mexico Finance Authority to rural electric cooperatives is a strategic move to empower rural regions, including Sandoval County, to compete effectively for jobs and businesses.
With over 36 U.S. states already implementing site-readiness programs and witnessing tangible outcomes, New Mexico’s adoption of this approach promises long-term benefits. Although the immediate impact may be modest, the ripple effects on economic development will secure New Mexico’s standing in the competitive commercial real estate market for generations. Sandoval County, with its promising prospects and strategic initiatives, is well on its way to becoming a cornerstone of New Mexico’s economic renaissance.
Reach out to the New Mexico Economic Development Department for more information: New Mexico Economic Development Department
