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 (continued)

c) Surrey Centre Limited Partnerships Surrey Centre Limited Partnerships (“SCLPs”) are various partnerships for the development of mixed- use real estate developments in the City. The SCLPs financial results are proportionately consolidated with those of the Corporation based upon the Corporation’s partnership interest of 29.4%. The liability of SCDC is limited to the cash and land which it will contribute to the SCLP through SCIC. The proportionate amounts included in the financial statements at December 31, 2014 are as follows:

Assets

$

3,477

Liabilities:

Payable to partners

(3,140)

Deferred gain

(3,542)

Accounts payable

(1,699) (8,381)

Tangible capital assets

8,265 3,361

Accumulated surplus

$

d) Beedie Limited Partnership Beedie Limited Partnership (“Beedie LP”) is a partnership in the business of real estate investment and development of a build-to-suit industrial building in the City. SCDC is an equal partner and will provide contributions of cash and land to fund development. Beedie LP financial results are proportionately consolidated with SCDC based upon the 50% share of total contributions. The liability of the Corporation is limited to the cash and land which it will contribute to Beedie LP. The proportionate amounts included in the financial statements at December 31, 2014 are as follows:

Assets

$

8

Liabilities

(177)

Tangible capital assets

10

Prepaids

159

Accumulated surplus

$

-

35

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