The B.C. government has introduced legislation that would allow TransLink to charge a one-time fee to new developments across Metro Vancouver to help pay for the mayors’ council’s 10-year transportation plan.
The proposed Development Cost Charge (DCC) could be anywhere between $1,200 and $2,100 per new residential unit, and between $0.50 and $1 per commercial square foot.
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“With this funding mechanism in hand, TransLink will be better positioned to implement the vision, which includes improvements to roads and cycling, as well as pedestrian and public-transit infrastructure,” read a release form the province.
According to the provincial government, a number of provisions have been put in place to ensure the “rates are fair and equitable, and that the rates are set and maintained openly and transparently.”
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If passed, TransLink would have the ability to provide waivers and reductions to developments providing affordable rental housing.
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The Metro Vancouver Mayors’ Council approved the blueprint for the new levy last December.
TransLink hopes to raise about $20 million per year through the DCCs.
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