VICTORIA (NEWS 1130) – The province has introduced legislation which would give TransLink the right to levy a development cost charge on new construction in Metro Vancouver.
These charges would be one-time fees on new developments, with the cash raised going toward transportation and supporting infrastructure.
TransLink will be allowed to waive or reduce these fees for developments providing affordable rental housing.
It’s part of the Mayors’ Council’s 10-year transit plan to help ensure the necessary funds are available for all the transit additions and upgrades laid out in the plan.
If the legislation is passed, TransLink would be required to list anticipated revenues and regularly declare the money they are actually bringing in from the fees.