The Strategic Economic Development Site Readiness Act establishes a framework for enhancing the readiness of economic development sites in New Mexico. The Act creates a "site readiness fund" to finance site characterization studies and pre-development projects, with an appropriation of $24 million from the general fund for its implementation. The fund will be administered by the economic development department and will support various activities, including environmental assessments, infrastructure improvements, and governmental permitting. The Act also establishes a strategic economic development site advisory committee, which will review proposed sites, recommend designations, and oversee the application process for funding.

Additionally, the Act outlines the roles and responsibilities of the advisory committee, which includes members from various state departments and public representatives with relevant expertise. The committee will meet quarterly to evaluate proposed sites and recommend funding for site readiness projects. The secretary of economic development will review site characterization studies and make decisions on designating sites as strategic economic development sites. The Act mandates annual reporting to the governor and legislative committees on the progress and status of the site readiness initiatives, ensuring transparency and accountability in the use of funds and the development of economic sites.