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]

20 Surrey City Development Corporation

On April 24, 2007 the City of Surrey incorporated a Development Corporation with broad powers to advance the commercial, industrial, institutional and residential development of the City. The City is the sole shareholder of the Development Corporation and has provided financing to sustain operations and the development. As a controlled other government organization, the Corporation’s financial information is fully consolidated within the City’s financial statements. As at December 31, 2014, the Surrey City Development Corporation (“SCDC”) has entered into Government Partnerships as follows: a) The Grove Limited Partnership The Grove Limited Partnership (“Grove”) is a partnership for the development of 141 three-level townhomes located in the East Clayton area of Surrey. SCDC mutually contributed a beneficial interest in lands valued at $2,844,000 and cash consideration of $1,341,597, for a 50% interest in the Grove. The proportionate amounts included in the consolidated financial statements at December 31, 2014 are as follows:

Assets

$

2,665

Liabilities

(3,503)

Tangible capital assets

5,447

Prepaids

-

Accumulated surplus

$

4,609

b) Croydon Drive Limited Partnership Croydon Drive Limited Partnership (“Croydon”) is a partnership for the development of two office buildings. The SCDC is an equal partner in Croydon and has and will provide equal capital contributions to fund the operations of Croydon in the form of land, financial and intellectual capital. Croydon’s financial results are proportionately consolidated with SCDC based upon the 50% share of total contributions. The proportionate amounts included in the financial statements at December 31, 2014 are as follows:

Assets

$

322

Liabilities

(6,408)

Tangible capital assets

6,785

Prepaids

5

Accumulated surplus

$

704

34