We explore the dynamics of governing and managing multi-modal regional transit agencies through a case study of the Tri-County Metropolitan Transit District (Tri-Met), which provides bus and rail transit services to the Portland, Oregon, metropolitan area (see map). Along with other similarly constituted firms in the United States transit industry, Tri-Met confronts the challenge of providing service in a geopolitical context that is quite different than when the agency was created. The critical new element in Tri-Met's operating environment is the emergence of several suburban business centers that effectively compete with the Portland central business district (CBD), and are seeking transit investments that will facilitate locally-oriented economic growth.