(a) The department may lease a highway asset, part of a right-of-way, or airspace above or underground space below a highway that is a part of the state highway system if the department determines that the interest to be leased will not be needed for a highway purpose during the term of the lease.
(b) The lease may be for any purpose that is not inconsistent with applicable highway use.

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Terms Used In Texas Transportation Code 202.052

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: means real and personal property. See Texas Government Code 311.005

(c) The department shall charge not less than fair market value for the highway asset, payable in cash, services, tangible or intangible property, or any combination of cash, services, or property.
(d) The department may authorize exceptions to the charges under Subsection (c) for:
(1) the lease of a highway asset to a public utility provider;
(2) a lease for a social, environmental, or economic mitigation purpose; or
(3) a lease to an institution of higher education for a purpose of the institution.
(e) In this section, “institution of higher education” has the meaning assigned by § 61.003, Education Code.

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