The City of Richmond just signed a deal that will see funding for the Canada Line Capstan station be fully paid for by developers building new residential units in the Capstan Village area.
According to a city press release, it's the first such agreement between TransLink and Richmond.
Under the agreement, developers will pay a required fee of about $8,000 per dwelling unit. The fee will be paid once building permits are issued.
The Capstan Village area is located between Sea Island Way and Cambie Road, and west of Garden City Way to the Middle Arm of the Fraser River. Currently, more than 2,000 new units are in the development application process or have been approved already.
"This is a win-win solution for everyone involved," said Mayor Malcolm Brodie. "It allows the city and TransLink to increase our transit infrastructure without placing additional burden on taxpayers."
The cost for the station is estimated at $25 million so it can be up to 15 years before the Capstan Station is actually built.
