Surrey planning report 7922-0103-00

Staff Report to Council Application No.: 7922-0103-00 Planning & Development Report Page 2 RECOMMENDATION SUMMARY • Approval for Development Variance Permit to proceed to Public Notification. DEVIATION FROM PLANS, POLICIES OR REGULATIONS • Proposing to vary the definition of “bond” in the Surrey Subdivision and Development Bylaw, 1986, No. 8830, as amended, to include the use of a Surety Bond for Servicing Agreement No. 7822-0103-00. RATIONALE OF RECOMMENDATION • A pilot program was introduced in 2016 for the use of Surety Bonds as an alternate form of security for Servicing Agreements. A Surety Bond is a three-party agreement between the City, the Developer, and the Surety Bond Company, which obligates the Surety to pay the City if the Developer defaults in completing the off-site engineering servicing works for the land development project in the pilot program. • The Engineering Department supports the variance to include the use of Surety Bond for the Servicing Agreement No. 7822-0103-00. • On September 15, 2025, Council granted First, Second and Third Reading to Rezoning Bylaw No. 21746 to permit the development of a mixed-use phased development consisting of three high rise mixed-use towers, two residential high rise towers (30, 33, 40, 44 and 47-storey), and one six-storey low rise mixed-use apartment on the subject site. Council also authorized staff to draft the corresponding Development Permit No. 7922-0103-00. RECOMMENDATION The Planning & Development Department recommends that Council approve Development Variance Permit No. 7922-0103-00 (Appendix I) to vary the definition of "Bond" in the Surrey Subdivision and Development Bylaw, 1986, No. 8830, as amended, to include the use of Surety Bond for Servicing Agreement No. 7822-0103-00, to proceed to Public Notification. SITE CONTEXT & BACKGROUND Direction Existing Use CCP Designation Existing Zone Subject Site Vacant large format commercial Mid to High Rise Mixed-Use and Mid to High Rise Residential CD (Bylaw No. 14109)

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