Metro Vancouver mayors say they are ready to move ahead on a 10-year regional transit plan.
This comes as TransLink Minister Peter Fassbender is about to announce $246-million in provincial funding.
Ottawa is committed to funding fifty per cent of the 10-year regional transportation plan.
Local Metro Vancouver contributions would amount to about five billion dollars.
It equates to about 17% of the project’s capital costs.
Metro Vancouver contributions from:
- a one-time, two per cent transit fare increase in 2018,
- selling off surplus TransLink properties,
- a region-wide three dollar per household increase to property taxes,
- a new Regional Development Cost Charge for Transit,
- a portion of the region’s Gas Tax Fund,
- introduction of regional mobility pricing by 2021 to support the expansion and improvement of road and bridge infrastructure,
- land in kind from Vancouver and Surrey to help offset costs for major projects like the Broadway Subway and Surrey Light Rail..
In return, the Province would contribute:
- $3 billion over 10-15 years for a 33% share of capital costs of the 10-Year Plan,
- Redistribute and return $50 million in Provincial Carbon Tax subsidy provided to households
outside Metro Vancouver back to the region to fund transportation improvements (or another
provincially-controlled regional revenue source),
- Support for the Mayors’ Council’s efforts to implement regional mobility pricing,
- Return governance of TransLink to Mayors.