BC’s Minister Responsible for TransLink says the solution to the region’s transit and transportation funding problem is to raise revenue on density created by transit corridors.
Peter Fassbender also says property-lift revenue has the potential to do more than simply cover the region’s 17 per cent share.
“Things like property lift and density around transit corridors are issues that we do need to talk about and see what contributions they can make. It is our view that density can not only help with providing funding for transportation but also affordability because the issue is supply not demand.”
And Fassbender says the funding mechanism would not require a referendum.
“No. That one I think is we sit down, and there is still a fair amount of work to be done, so it is not simplistic. We would work out how that would be collected by the communities, and how it is contributed not only in terms of building things, but then to the long-term operating as well.”
He says he will meet with the mayors soon to iron out the wrinkles.
Fassbender says the formula is key so developers can be profitable, cities get what they need, and the region’s share is covered off.