A long time ago in a boardroom far far away, the TransLink Mayor’s Council set out a 10-year transit plan. In it was a series of relatively small improvements (Phase 1: the “first round”), in addition to tech planning on the glitzy big-dollar items like Broadway Millennium Line expansion, Patullo Bridge replacement and Surrey-Newton-Guilford light rail. The Feds promised funding; so did the Provs. But local Gov’ts were working on new funding sources.
Feds $ 370M (capital expenditures)
Provs $ 246M (capital expenditures
“Regional” $ 600M (capital expenditures)
. $ 800 M (10-year operating costs)
Today, we have a part of the picture, possibly bringing in $20M per year (subject to Provincial enabling legislation and TransLink board approval).
With thanks to Rattan Mall in VoiceOnline.com.
. . . a new development cost charge (DCC) for transit investment. The charge will be set in a way that it can fund transit expansion without influencing housing prices.
DCCs are a one-time fee that would apply to new development to help fund growth-related infrastructure costs. . . .
TransLink will target the new DCC to raise about $20 million per year. TransLink is proposing setting residential rates between $1,200 and $2,100 per unit of new development. Non-residential rates could be set between $0.50 and $1 per square foot. Final adjustments to the rates will be made in 2018 in consultation with stakeholders.
Phase One Plan (updated July 27, 2017)
Regional Funding Overview
(*) today’s announcement
- (*) Introduction of a new region-wide development fee for transit and transportation.
- Gradual annual increases to transit fares of about 5 to 10 cents on a single fare and $1 to $3 on a monthly pass.
- Adjusting property taxes to better reflect the impact of growth and development in the region.
- Use of TransLink’s existing resources, including through the sale of surplus property (note the windfall here from the Oakridge Transit Centre sale)
- Increase conventional bus, HandyDART, SeaBus, SkyTrain, and West Coast Express service – the largest transit service increase since 2009.
- Upgrade transit stations and exchanges across the region.
- Expand the length of the Major Road Network for the first time since 1999.
- Provide municipalities with expanded funding for walking infrastructure, cycling infrastructure, and upgrades and seismic rehabilitation of the Major Road Network.
- Prepare for future transportation investments, such as the Millennium Line Broadway Extension, South of Fraser Rapid Transit, Pattullo Bridge Replacement, and Upgrades to Existing Rail Infrastructure.