FIVE-YEAR CAPITAL IMPROVEMENT PLAN.

(a) The board shall adopt a five-year plan for capital improvement projects that supports the strategic goals outlined in Section 451.135 and that:

(1) describes planned projects, including type and scope;

(2) prioritizes the projects;

(3) addresses proposed project financing, including any effect a project may have on ongoing operational costs;

(4) identifies sources of funding for projects, including local and federal funds; and

(5) establishes policies for projects, including policies on:

(A) planning;

(B) approval;

(C) cost estimation;

(D) project reports;

(E) expense tracking;

(F) participation of historically underutilized businesses; and

(G) cost-benefit analyses.

(b) The board shall hold a public meeting on a proposed capital improvement plan before adopting the plan and must make the proposed plan available to the public for review and comment.

(c) The board shall annually reevaluate and, if necessary, amend the capital improvement plan to ensure compliance with this section.

(d) The capital improvement plan should, as appropriate, align with the long-range transportation plan of the metropolitan planning organization that serves the area of the authority.

(e) The board may not adopt a plan for participation of historically underutilized businesses in capital improvement projects that require a quota or any similar requirement. The board may not conduct a capital improvement project in a way that has the effect of creating a quota for the participation of historically underutilized businesses.