VANCOUVER - B.C. Premier Christy Clark says $246 million is ready for Metro Vancouver mayors to use in implementing the first phase of their transit plan.

The Mayors Council met Friday to approve a draft investment plan for phase one of their 10-year regional transit and transportation plan.

The plan, that is designed to increase bus service, buy new SkyTrain cars and a new Seabus, requires a commitment of funding from the cities, the province and the federal government in order to advance.

Clark says the province's share of the costs will be available immediately.

Despite rejections from the public in the past to a sales tax to pay for transit, the mayors voted in favour of property tax increases of $3 per year to pay for the cities' share of the transit improvements.

Other funding mechanisms will include a transit fare increase of two to three per cent per year for three years, a fee for new developments, and selling off surplus Translink property.

A final decision will be made in November.