Annual Report 2014

City of Surrey

Notes to the Consolidated Financial Statements For the year ended December 31, 2014 [tabular amounts in thousands of dollars]

10. Debt (continued)

ii) Loans payable Loans payable by Surrey City Development Corporation are as follows:

2014

2013

$ 2,998

$ 3,496

Demand loan, Grove LP, in the form of bankers’ acceptances bearing a stamping fee of 2.25% plus interest at the monthly bankers’ acceptance rate, secured by the underlying property and repayable on the sale of the development Croydon Drive Development LLP Loan payable, RBC, bearing interest at RBP plus 0.75% per annum, secured by the underlying property and repayable on the earlier of the receipt of commercial financing and May 31, 2015 Murray Latta loan payable, Bank of Montreal, 7-year term maturing May 1, 2020, payable in monthly payments of $22,942, including interest calculated at a rate of 3.86% per annum, secured by a mortgage on the commercial property Boundary Park loan payable, Citizen’s Bank of Canada, 10-year term maturing January 1, 2023, payable in monthly payments of $77,625, including interest calculated at a rate of 4.05% per annum, secured by a mortgage on the commercial property Cedar Hills loan payable, Citizen’s Bank of Canada, 10-year term maturing November 1, 2022, payable in monthly payments of $78,497, including interest calculated at a rate of 3.95% per annum, secured by a mortgage on the commercial property

5,059

2,395

4,253

4,363

14,000

14,361

14,231

14,608

$ 40,541

$ 39,223

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