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Alternative Title:TRZ geographic information system tool;TRZ handbook;TRZ revenue feasibility tool : user's guide;Prototype transportation reinvestment zone screening and evaluation toolset : tier 1 TRZ screening tool : user manual;Planning tools to assess the real estate leveraging potential for roadways and transit;
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Abstract:A funding crisis exists for financing much needed transportation infrastructure projects
across the nation and Texas is no exception. The State of Texas has responded to the crisis by
passing several bills allowing innovative financing and alternative options for project financing. Among these is Senate Bill 1266 (SB1266), which is a landmark legislation and was passed in 2007 as part of the 80th Legislature to provide the legal backdrop for the creation of an institutional arrangement called the Transportation Reinvestment Zone (TRZ) to facilitate value capture of the potential benefit or tax increment from a future transportation project. There are only three implementation projects to date using this funding mechanism, therefore the exposure to this concept is still minimal. As a new value capture strategy, TRZs do have similarities with other value capture methods adopted in Texas, but still remain different in subtle ways. Hence, there is limited experience from which to draw guidance. As a result, effective implementation of new TRZs either as a longer term planning and financing initiative or their use for a more immediate application may be hindered by a lack of knowledge in key areas of initiation, zone formulation, and adoption and the partnership aspects. To address this knowledge gap, the Texas Department of Transportation (TxDOT) undertook a 1-year research study to explore the issues associated with the effective implementation of a TRZ. Various aspects of implementing TRZs were explored during the study. From those research efforts this Handbook was developed, which brings together implementation guidance from the individual research tasks conducted as part of the larger study effort.
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