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1 This report describes a research effort to develop a framework and methodology for calculating the return on investment (ROI) for a specific investment or program of invest- ments to achieve and maintain transit assets in a state of good repair (SGR). The analysis methodology described in Chapter 2 of this report utilizes and builds on previous research performed through the Transit Cooperative Research Program (TCRP) to determine the agency, user, and social costs and benefits of SGR investments. The guidance presented in Chapter 3 walks through the steps for calculating the ROI for a potential investment or set of investments. A key product of the research is a spreadsheet tool intended for transit agency use. The tool is documented in Chapter 4. One can use the guidance and tool to test a specific invest- ment or program of investments and determine the return of the investment over a period of time. It should be noted that this tool is not a detailed life-cycle cost calculator for use in developing project alternatives, but rather it is a high-level tool useful for communicating the benefits of SGR investment and comparing investments in improving or maintaining SGR to other types of transit investments. Three pilot studies were performed to test the guidance and tool at different transit agencies across the United States. The pilots are described in Chapter 5. These pilots address a wide range of SGR investments and assets. The pilot results demonstrate that there is a positive return on investment in transit SGR. The pay-off comes from savings in agency, user, and social costs. Savings in agency costs can free up resources that can then be invested in other areas of the transit agency. Transit users see savings through increased quality of service and lower travel times. Finally, savings in social costs come through reduced emissions and reduced congestion. The results of this research are intended to be immediately applicable for individuals at transit agencies, in particular staff involved with long-range planning and capital programming. Potential future research efforts are discussed in Chapter 6. S U M M A R Y Guidance for Calculating the Return on Investment in Transit State of Good Repair
