Does Translink push ahead with planning for Broadway or just Surrey LRT?
COV could make a statement that this is going ahead to facilitate planning not being put on hold after the current RFP is completed.
http://www.theglobeandmail.com/news/brit...or-broadway-subway-line/article25521380/
Quote:
While light rail in Surrey would need subsidies because of low ridership for at least a decade, Vancouver’s engineering department has estimated that a Broadway subway would carry 250,000 passengers a day upon opening and grow to more than 300,000 by 2040. Engineers are currently assessing whether that volume might mean the line would produce profits that could be used for transit funding throughout the region.
“Vancouver’s in a unique position,” the mayor said. “The one advantage to financing Broadway separately is it could take the pressure off the rest of the region on that financing piece. And maybe with a reduced load on the mayors’ 10-year plan, it’s easier to raise the balance of it and invest in the region.”
It’s likely that if Vancouver finances its $1-billion share on its own, it would come from a variety of sources.
Mr. Robertson said a part of the money needed could be included among the usual approvals for capital projects that Vancouver asks from voters in every civic election. The city got an approval for $275-million last time for improvements to a wide array of roads, bridges and community facilities.
“It’s conceivable, though our borrowing power is limited,” he said.
Any money borrowed through such long-term bonds ultimately comes from property taxes, although spread out over 30 years, with taxes helping cover the yearly paybacks.
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There you go, plan B is property taxes either throughout the city via a debt offering or special assessment. Surrey's P3 is also really just a different form of financing, borrowing from the construction consortium, and funding looks like it will also come from property tax increases.
Municipal leaders need to provide the leadership, or we're losing momentum. Let's just get it over with and keep whatever momentum there is instead of dragging it out, and delaying for five more years. Do they feel they have the political capital to do so?