Surrey official source 7922-0221

Staff Report to Council Application No.: 7922-0221-00/7922-0222-00 Planning & Development Report Page 2 RECOMMENDATION SUMMARY • Approval for Development Variance Permit to proceed to Public Notification. DEVIATION FROM PLANS, POLICIES OR REGULATIONS • The applicant is 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 Nos. 7922-0221-00 and 7922-0222-00. 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 a Surety Bond for Servicing Agreement Nos. 7922-0221-00 and 7922-0222-00. • On December 4, 2023, Council granted Third Reading to rezoning Bylaw Nos. 21097, 21098, 21099, 21100, 21101 and 21102 to permit the development a total of 20 apartment buildings on the subject sites. Council also authorized staff to draft the corresponding General Development Permit Nos. 7922-0221-00 and 7922-0222-00 for the project on December 4, 2023. The subject variance will allow for the use of a Surety Bond for the servicing agreements for the entire development.

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