A flurry of residential condo developments in north Richmond is expected to expedite plans for a new Canada Line station by as much as six years.
The City of Richmond is planning to give up to $3.5 million to TransLink to begin design of the new Canada Line Capstan Station, just north of No. 3 Road and Capstan Way.
The money will be drawn from the $19.36 million in voluntary contributions made by developers building new residential units in the Capstan Village area.
City councillors approved the funding at a committee meeting on Monday and the move will go before a full council meeting next week for approval.
The full development contributions required for the new station, which is estimated to be $27 million, are anticipated to be collected “sometime in 2018,” according to a staff report.
Once the full funds have been received, the city will deliver them to TransLink, which is required to complete the station construction and make it fully functional within 30 months.
In 2012, the City of Richmond signed a unique deal that will see funding for the Canada Line Capstan Station be fully paid for by developers in the Capstan Village area, at a cost of about $8,500 per unit.
Then, the estimated $25 million project was expected to take up to 15 years.
Capstan Village is located between Sea Island Way and Cambie Road, and west of Garden City Road to the Fraser River.