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State of Tennessee Real Estate Asset Management


Asset Management

Asset Management focuses on planning for real estate activities and initiatives.

 

Planning for construction projects is comprised of several phases, beginning with long range planning, which concentrates on the conceptual development of a new facility. The process continues successively through master planning, pre-design, site feasibility and infrastructure analysis. Final design and subsequent construction can then commence once the State Building Commission approves the project.

 

Asset Management also produces state-wide and regional housing plans, information papers and other briefing documents, upon which many of RPA's critical decisions are based. Other services include the analysis of real estate issues, review of key real estate appraisals and the detailed analysis of agency space needs.

 

The operation of most state-owned and leased office facilities is financed through the Facilities Revolving Fund. Asset Management aids in administering the expenditures from FRF to be utilized for rent payments to landlords, utility payments, debt service and building maintenance. Revenues to FRF include annual legislative appropriations and monthly payments by agencies that occupy the space. Asset Management maintains an inventory of leased and state-owned space, which forms the basis for agency billing.