Potential value extraction from TxDOT’s right of way and other property assets
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Many Departments of Transportation (DOTs), including Texas Department of Transportation (TxDOT), have been challenged by inadequate funding from traditional federal and state fuel taxes, increasing construction cost, aging highway system, traffic congestions, and recent natural disasters, compromising their primary mission to provide safe vehicle transportation routes with adequate capacity. Furthermore, environmental awareness and sustainability concept have strengthened and sparked debates in Congress, culminating with several regulatory policies that affect, inclusively, transportation projects. This scenario has prompted DOTs to pursue innovative ways to reduce maintenance cost (at minimum) and generate revenue (at maximum) exploiting their assets, and to meet the new regulations. Likewise, the Center of Transportation Research at The University of Texas at Austin undertook a comprehensive research study to identify and determine when, where, and under what circumstances TxDOT should pursue the implementation of which Value Extraction Application (VEA), and how to effectively recognize and involve key stakeholders. As a result, 11 VEAs were identified. In addition, a methodological framework – embedding a multi-attribute criteria analysis matrix as the decision making method - was devised to guide TxDOT throughout the process of identifying, evaluating, comparing, and selecting the most appropriate VEA while a list of stakeholders associated with each VEA and a stakeholder analysis framework was provided to help TxDOT to identify and reach out key stakeholders.