A transit funding formula, courtesy of Vancouver, British Columbia: Sell 13.8-acre property for $440 million; use cash to finance transit improvements.
Glen Kortstrom reports: "TransLink has sold its 13.8-acre transit centre on West 41st Avenue…for $440 million."
The "sale ranks as one of the largest real estate transactions in B.C.’s history," according to Korstrom, but it's especially noteworthy for the cash infusion it gives to the region's transit operator.
Don Rose, chair of TransLink’s board of directors, is quoted in the article: "This transaction is a tremendous benefit to taxpayers, and is an example of how TransLink is using its resources to better serve customers across the region."
According to Korstrom, TransLink anticipates using $150 million from the proceeds of the transit center sale to the agency's $2 billion, ten-year transit improvement plan, including the Broadway and Surrey rapid transit projects.
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