The "Strategic Economic Development Site Readiness Act" establishes a framework for assessing and enhancing the readiness of proposed economic development sites in New Mexico. The act allows the economic development department to contract with public and private partners to conduct site characterization studies, which will evaluate various factors such as infrastructure availability, environmental limitations, and workforce access. An advisory committee is created to oversee the designation of strategic economic development sites and to recommend funding for site pre-development projects, which may include necessary improvements and assessments prior to construction.

Additionally, the act establishes a "site readiness fund" to finance site characterization studies and pre-development projects. This fund will consist of various sources of income, including appropriations and grants, and will be administered by the economic development department. The secretary of economic development is tasked with reporting annually on the progress of site readiness initiatives, including the number of approved sites and projects, as well as the status of the fund. The provisions of this act will take effect on July 1, 2025.