This bill mandates a cost-benefit analysis for proposed guideways in Minnesota, requiring the responsible governmental unit to conduct the analysis before selecting a locally preferred alternative. The analysis must include various project options, such as arterial bus rapid transit and regular route bus service, and must assess factors like estimated ridership, vehicle capacity, revenue, maintenance costs, economic benefits, and environmental impacts. The findings must be submitted to the commissioner of transportation and the Metropolitan Council, who are also responsible for posting the results online and reporting to legislative committees.

Additionally, the bill specifies that the new requirements apply to guideways seeking state or federal funding after the bill's enactment, with the exception of the Gold Line bus rapid transit project. It also includes provisions for guideways that have already selected a locally preferred alternative but are not yet in revenue operation, ensuring that a cost-benefit analysis is conducted for these projects as well. The effective date for these provisions is the day following final enactment, and they apply to specific counties in Minnesota.