Prov­ince helps fund Metro Van­cou­ver tran­sit and trans­porta­tion im­prove­ments

Asian Journal - - BRITISH COLUMBIA -

Vic­to­ria: Pro­posed changes to the Park­ing Rights Tax will help Tran­slink fund ma­jor tran­sit and trans­porta­tion im­prove­ments to keep peo­ple and goods mov­ing quickly, safely and af­ford­ably in Metro Van­cou­ver.

Changes to the Park­ing Rights Tax are part of Tran­slink’s Phase 2 In­vest­ment Plan and will help the re­gion fund its share of the next phase of the May­ors’ Coun­cil’s 10-Year Vi­sion. These tran­sit im­prove­ments will help sup­port the growth of Metro Van­cou­ver, a re­gion that is ex­pect­ing over one mil­lion more res­i­dents in the next 25 years. Tran­slink fore­casts ap­prox­i­mately $10 mil­lion a year in new rev­enue from a mi­nor in­crease to the Park­ing Rights Tax. These rev­enues will fund projects and im­prove­ments that in­clude in­creased bus and HANDYDART ser­vices, bet­ter and more Skytrain ser­vice, new rapid tran­sit lines, bet­ter roads, bridges and other in­fra­struc­ture for res­i­dents, tran­sit users, driv­ers and busi­nesses. The Prov­ince is propos­ing leg­isla­tive changes that will al­low Tran­slink to in­crease the Park­ing Rights Tax - a sales tax paid by peo­ple buy­ing off-street park­ing in Metro Van­cou­ver - from the cur­rent 21% to a max­i­mum of 24%. If Tran­slink in­creases the park­ing rights tax to 24%, cus­tomers would pay an ad­di­tional 15 cents on $5 of park­ing.

In June 2018, the May­ors’ Coun­cil ap­proved a $7.3-bil­lion in­vest­ment plan for Phase 2 im­prove­ments and projects over 10 years.

The Prov­ince is com­mit­ted to fund­ing 40% of the cap­i­tal costs of the May­ors’ Coun­cil’s 10-Year Vi­sion for im­prov­ing tran­sit and trans­porta­tion in­fra­struc­ture in Metro Van­cou­ver.

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