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The B.C. Liberals are expected to pledge $246 million Thursday to expand Metro Vancouver’s transit system, but property taxes and transit fares will likely have to go up to cover TransLink’s contribution to the plan.

TransLink Minister Peter Fassbender said the province is announcing the funding to ensure the region doesn’t lose out on $370 million in federal money, which will help pay for Phase 1 of the mayors’ 10-year transportation plan.

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The federal funding is only available if the province and TransLink also pay a share of the costs.

The first phase of the $7.5-billion plan includes more buses, a SeaBus, increased service hours and studies toward a proposed subway in Vancouver and light rail in Surrey.

Fassbender said the move will give mayors time to analyze a potential plan to charge developers additional fees around SkyTrain and transit stations, which could raise more than $1 billion for future transit and cycling infrastructure.