An updated business case for London’s rapid transit initiative recommends full Bus Rapid Transit for the city at a cost of $500 million.

It also recommends moving to light rail rapid transit technology in the future.

The business case was made public Friday morning on the city’s website.

The recommendation, which must still be approved by city council, will be discussed at a special Strategic Priorities and Policy Committee meeting May 5.

Late last year, council endorsed an $880 million hybrid BRT/LRT as the preferred transit option for London pending the outcome of the updated business case. The business case envisions a move to LRT in 25 years.

The 24-kilometre system, from White Oaks mall in the south to Masonville Mall in the north and from Fanshawe College in the east to Wonderland and Oxford in the west, would feature dedicated bus lanes and stations as well as a rapid transit tunnel, which could also be used for emergency vehicles, under the CP rail tracks at Richmond and Oxford.

Bus wait times would range between 5 and 10 minutes.

The business case also envisions a phased construction schedule. Following completion of the EA, construction could begin on the White Oaks to Wonderland corridor in 2018 and open in 2022. The Fanshawe to Masonville corridor, including the tunnel under the CP tracks, could open by 2026.

The City has already committed $129 million to the project primarily funded through Development Charges.

Next steps in the process include validating and refining the business case and discussing funding partnerships with the Province and Federal Governments.

Officials say over 14,000 people have been consulted and more than 100 meetings were held throughout the community.