04-02-2015, 08:36 PM
Quote:Potential legislative change may create new way to help pay for LRT to Cambridge
http://www.cambridgetimes.ca/news-story/...cambridge/
Proposed changes to the province’s Development Charge Act could help move forward phase two of the region’s light-rail transit plan, which would bring it to Cambridge.
Currently, development charges cannot be used to fund rapid transit projects, but rather were reserved for growth-related capital costs, including water, wastewater and roads.
Although the changes have yet to be passed, councillors are looking ahead to what impact they could have on funding the region’s LRT projects.
“It could have as much as a $70-million impact on our light-rail transit project, which would serve to significantly reduce the funding model that we have in place for the ensuing years and, I would suggest also, it has the potential to really move forward stage two as well,” Coun. Tom Galloway said, last month, following a presentation by the region’s chief financial officer Craig Dyer to council.
He added, however, the region would still rely on provincial or federal funds to get stage two on track.