This legislation requires the Department of Economic Development to establish a statewide site development initiative to screen and prequalify sites to create a portfolio of marketable, construction ready sites for industrial development.  The Department of Economic Development is authorized to hire private companies to administer and manage the statewide site development initiative.

Potential properties may be submitted by counties, cities, Department of Economic Development project managers, statewide economic development partners, private landowners and "other entities of properties."  The entity proposing the site must obtain a minimum option to purchase or lease commitment of at least two years at a fixed price per acre.  Once the site is listed on the initiative work plan, the local site administrator will solicit proposals for engineering and due diligence studies for the proposed sites.  The state will provide between 50% to 75% of the  cost of the statewide site development initiative for the proposed property.  The remainder will be the responsibility of cities, counties, local development authorities, local or statewide utilities, private property owners and similar entities.

Once it has been determined that the property is suitable for industrial development, the Department of Economic Development will create fliers and promotional materials and actively market the site to potential industrial developers.