The Mayors council and the Province have announced the plan that completes funding for Phase 2 of the 10-year vision for regional transportation in Metro Vancouver.
To deliver these projects, the Mayors’ Council is proposing:
- $1.6 billion in fare revenues expected from higher ridership resulting from service expansion in Phase Two, TransLink resources and efficiencies.
- A 2% increase to all transit fares over two years beginning in 2020. This amounts to a five to 15 cent increase to adult and concession transit fares and 1 to 3 dollar increase to adult and concession monthly passes to pay for more bus improvements.
- 15 cents per hour increase for an average $5 per hour parking. This is an increase from 21% to 24% to the existing parking lot rate. Legislative amendments would be required to enable TransLink to make this change.
- $5.50 increase in property taxes per average household each year or about 46 cents a month, beginning in 2019.
- About $300 to $600/unit increase to the Development Cost Charge on new residential developments depending on type of dwelling. Legislative changes are required to enable the Mayors Council to levy the DCC.
- Revenue from a variety of transit-related commercial opportunities.
Key elements of the plan for Phase Two include:
- Construction of Surrey-Newton-Guildford Light Rail
- Construction of Millennium Line Broadway Extension
- Significant upgrade of existing Expo-Millennium Lines to expand capacity to meet and improve the customer experience
- An 8% increase in bus service to address overcrowding, reduce wait times and bring bus services to communities with limited service
- Improvements to sidewalks, bikeways, multi-use pathways and roadways