Sec. 3. The departments annually shall update the list prepared under section 1(1) of this chapter and the priorities set under section 1(2) of this chapter based on the following:
(1) Annual system diagram map and supplemental information submitted to the state agencies identifying potential abandonment applications.
(2) Changes in local agency interest.
(3) Availability of funds.
(4) Possible future uses for rail, transit, highway, bicycle, pedestrian, utility, communication, or recreation corridors.