The BC NDP provincial government introduced legislation today that will allow TransLink to increase its parking taxes across Metro Vancouver.
The hike is 3%, rising from 21% to 24%, which is expected to generate $10 million annually to help fund Phase Two of the 10-year, $7.3-billion transit expansion plan. For an average $5.00 per hour parking lot rate, the increase is 15 cents.
Premier John Horgan announced the parking tax increase this past spring as part of the new revenue streams the provincial government will grant to TransLink to help fill the local funding gap for projects like the Millennium Line Broadway Extension, Surrey Newton-Guildford LRT, and various new B-Line rapid bus routes.
The other new revenue stream is the new Development Cost Charge (DCC) on all types of new development in the region, charged on a per square footage basis of new floor area created. Legislation for the DCC was introduced earlier this year, which is forecast to generate $29 million annually for TransLink beginning in 2020.
Both the parking tax hike and new DCC require provincial legislation in order to become new revenue streams for TransLink.
The provincial government is also covering 40% of the costs of the Phase Two plan.
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