Title
Langley SkyTrain Transit Corridor Land Value Increases Partnerships
Recommended Action
Whereas:
1. SkyTrain or other rapid transit infrastructure will likely extend to Langley City adjacent to the Township of Langley at some point in the
future along the Fraser Highway corridor through the Willowbrook area;
2. SkyTrain and other rapid transit infrastructure can significantly increase adjacent and nearby land values due to the expectation and likelihood of future density increases and other financially beneficial land use policy updates;
3. Private sector land speculation has had a significant impact on increasing land values aggravating the affordability crisis for everyday families and residents;
4. Increases in land value due to the construction of adjacent or nearby transit infrastructure such as SkyTrain is not captured by anyone except the private sector that may postpone or not pursue development awaiting land value lift increases to capture the majority of that additional land value with future transactions with limited social benefit;
5. The cost of the initial construction of nearby transit infrastructure such as SkyTrain is borne solely by taxpayers, especially in the Township of Langley with significant taxes remitted to Translink via property taxes and gas taxes with limited services in return, currently; and
6. Other municipalities such as the City of Surrey are currently preparing for the implementation of a 50-75% public share of any land lift value increase related to transit corridor accruing due to the construction of adjacent or nearby transit infrastructure, such as SkyTrain.
Therefore be it resolved that staff be directed to:
A. Review, consider and suggest the most appropriate process and timeline(s) to set a baseline land value in the Township of Langley, be it past and/or present to:
i. fairly capture up to a 75% share of the land value increases within the Township of Langley due to the adjacent or nearby transit infrast...
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