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substantially. A sensitivity analysis must therefore captured in the value of the user benefits. For exam- always be done to illustrate the change in results with ple, the benefits to a business of reduced freight or alternative values of inputs and assumptions. commuter travel times are assumed to be captured in the commercial and passenger vehicle travel time benefits. Similarly, the increase in property values SECTION 3 CATEGORIES OF BENEFITS near BRT stations that may result from construction AND COSTS CONSIDERED of a BRT project actually captures the benefit reaped This analysis includes the direct costs and ben- from travel time savings to users and therefore, to efits that will accrue to users of the corridor and to avoid double-counting, must not be included in an society at large. Commonly used measures of user analysis that already includes travel time savings. benefit (or disbenefit) include changes in travel time, vehicle operating costs, fares for transit riders, Costs and crash costs. The social benefits typically include reduction in damage costs caused by air pollutant Capital Costs emissions and changes in noise costs. Transit projects Capital costs include the one-time costs to the tran- may also have indirect benefits that do not directly sit or funding agency of acquiring right-of way, con- arise from travel activity but rather, arise from a structing the BRT corridor and stations, procuring redistribution of user benefits in the economy. The vehicles, and installing supporting systems such as costs and benefits quantified in this analysis are fare collection, security, and passenger information listed in Table 2. systems. They include costs of design, engineering, When enumerating benefits in a cost/benefit and project management and exclude the out-year analysis framework, it is important to count only real costs of reconstruction or replacement of facilities increases in public welfare. Thus, reductions in travel (ITE 2009). time or crashes are counted as benefits because they are not offset by any losses elsewhere. The impact of construction on the local economy is not counted Operation and Maintenance Costs as a benefit because it does not change the underly- These are recurring costs related to the operations, ing productivity of the local economy. Any increase maintenance, and administration of the BRT facility, in local economic activity would be considered a stations, and service. Because these costs tend to rise transfer, offset elsewhere by a reduction in economic over time, it is important to estimate them in constant activity due to the taxes necessary to fund the project. or inflation-adjusted dollars. Since these costs are typ- Similarly, the cost/benefit analysis does not explic- ically derived from historic data, they must be con- itly count non-user benefits if they are assumed to be verted to current values (the research team reports costs in constant 2009 dollars using the Consumer Price Index for urban consumers from the Bureau of Table 2 Categories of costs and benefits considered. Labor Statistics). Benefits/Disbenefits Change in travel time for drivers, transit users Benefits and Disbenefits Change in vehicle operating The benefits of the BRT project can be catego- costs for drivers, fares for transit users rized as direct and indirect. Direct benefits (and dis- Change in emissions of benefits) include changes in travel time, safety, and criteria pollutants and vehicle operating costs, as well as direct environ- greenhouse gases mental impacts such as savings in costs associated Change in crash costs with emissions. Indirect benefits can include benefits Costs Capital costs of materials, from increased economic activity, business agglom- equipment, infrastructure eration, higher property values resulting from tran- construction, new buses sit investment, growth in employment, and savings Operations and maintenance to the transit agency from savings in transit operat- costs ing costs. 5