1. Examine the impacts of the loss of state transit capital funds;

2. Identify additional sources of revenue to recover the capital losses;

3. Develop a proposal for a statewide prioritization process for the use of additional sources of revenues identified by the Advisory Board pursuant to subdivision 2, funds allocated pursuant to § 33.2-365, and funds allocated to the Commonwealth Mass Transit Fund established pursuant to subdivision A 4 of § 58.1-638. Such prioritization process shall be used for the development of a Six-Year Improvement Program for transit capital expenditures to be included in the Program adopted annually by the Commonwealth Transportation Board pursuant to § 33.2-214. Transit capital used for new transit projects or expansion of existing transit projects shall be evaluated using a prioritization process based on an objective and quantifiable analysis that considers, at a minimum, the following factors relative to the cost of the project or strategy: congestion mitigation, economic development, accessibility, safety, environmental quality, and land use; and

4. Develop a proposal to foster project-specific prioritization within the asset tiers of the tiered approach established by the Commonwealth Transportation Board for capital purposes based on asset need and anticipated state participation level and revenues, for which funding for the transit state of good repair program shall be allocated and distributed.