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Originally Posted by WarrenC12
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I'm not entirely sure how this works, I think this started when the Province changed their funding formula for the Education budget around 2013. Instead of having schools funded partly by City and partly by Province, it became just a Province-funded item. This meant that the City had $50+ million in excess city taxes (from their now un-needed education budget), which they returned to the taxpayers in 2013.
A group of people realized that the roughly $40 being returned to each family could be used by the City on other projects, like a new LRT line. After a few years of debate, the City council recently decided to use that annual $50 Million extra in City taxes for transportation for the next 30 years instead of reducing the local homeowner's taxes by $40 per year.
That resulted in an extra $1.5 Billion available for the new LRT line. Plus the $1.5 Billion that Harper doled out just before calling the election. That leaves the remaining $1.5 Billion from the Province, which has indicated they are willing to invest. This changed the timing of the new LRT line, which was supposed to start out as a dedicated transit (bus) ROW, then around 2030 be converted to LRT.
With this new City funding, they will go directly to LRT on the transit ROW, with construction starting as early as 2017 on the segment from downtown then east and south to the new South Hospital campus and Seton. It is likely that the new North LRT line on Centre St will be built too, but the planning for that line is several years behind the new S.E. line.
I'm not sure if something like a property tax dedicated to transit uses can get passed in the Vancouver Metro area, because of all the different City jurisdictions (witness the transit plebiscite fiasco earlier this year) .
More likely, Vancouver could enact a transit-oriented property tax with revenues dedicated to transit projects entirely within the City boundaries (ie: Broadway & UBC Skytrain). CoV has hinted they are prepared to pay the extra costs involved to get Broadway & UBC Skytrain built all-underground.