The provincial government has recommitted $246 million over three years for transit improvements across Metro Vancouver.

In doing so today (May 26), the province also floated an idea for how local governments could come up with their share of funding.

“Recognizing that public-transit investment results in increased property values near transit stations, the government wants to explore ways to ensure the public receives a benefit from land development in those areas,” reads a government media release.

Peter Fassbender, minister of community, sports, and cultural development, was quoted in a government release voicing his support for the idea.

“We believe public transit investment leads to increased property values near stations and that the public should share in the rise in property values through increased support for transit and affordable housing options,” he said. “This is an idea worth supporting and we will work closely with regional leaders and others on how we can develop better transit and better housing options right across Metro Vancouver.”

The funding announcement relates to the first phase of Metro Vancouver’s 10-year transportation plan.

The Liberal government in Ottawa has similarly pledged $370 million for transit infrastructure and service improvements for Metro Vancouver. However, that money’s delivery is conditional on the governments of B.C. and regional municipalities covering similar shares.

Local governments were originally asked to cover 33 percent of costs for the plan. However, that number has since been reduced to 17 percent.

Even still, as things stand today, there’s no agreement on where that money is going to come from. And if the cities can’t find it, Metro Vancouver will lose that $370 million in promised federal funding.

The 10-year  transportation plan was drafted by the Mayors’ Council, an organization comprised of the region’s 21 municipalities. The mayors agreed on a proposal that includes a light-rail line through Surrey, a subway down part of Broadway in Vancouver, plus a 25-percent increase in buses across the region, among other upgrades.

To pay for all that, the mayors suggested a 0.5-percent sales-tax increase that would be charged on goods sold within the borders of Metro Vancouver.

A tax hike has to be passed by the provincial government, and Premier Christy Clark said that wouldn’t happen without the public having a say.

Through March to May of 2015, Metro Vancouver held a nonbinding plebiscite on the matter. Results were released in July, and 61.64 percent of people voted against the transit plan combined with an increase on the sales tax.

Today the Mayors’ Council released its second proposal for how the cities might cover 17 percent of the transit plan’s costs. It’s a rather complicated combination of revenue sources that includes TransLink rate hikes, an increase in property taxes, and the sales of some TransLink properties, among other measures.

For more on the mayors’ proposal, read Charlie Smith’s, “Here's what's really going on between the B.C. Liberal government and TransLink's Mayors' Council”.