Surrey planning report 7922-0103-00

Staff Report to Council Application No.: 7922-0103-00 Planning & Development Report Page 4 DEVELOPMENT PROPOSAL Planning Considerations • The applicant is proposing a Development Variance Permit to vary the definition of "Bond" in the Surrey Subdivision and Development Bylaw, 1986, No. 8830, as amended, in order to allow the use of a Surety Bond for Servicing Agreement No. 7822-0103-00. Referrals Engineering: The Engineering Department has no objection to the project or the subject DVP. POLICY & BY-LAW CONSIDERATIONS Variance to Definition of "Bond" • 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 Surety Bond for Servicing Agreement No. 7822-0103-00. • 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 projects in the pilot program. • In 2016, Council approved Corporate Report No. R257; 2016, which authorized a pilot program for the use of surety bonds as an alternate form of security for Servicing Agreements. Subsequently, Council approved various Corporate Reports to increase the maximum number of eligible land development projects from three projects in 2016 to a maximum of 30 on-going projects in 2024. • Most recently, on January 27 2025, Council approved Corporate Report No. R015; 2025, which included an endorsement of updated eligibility criteria for the Surety Bond Pilot Program and increased the maximum number of eligible land development projects to 50. Eligibility criteria include: o Land development projects within City Centre Office or Entertainment District; or o Projects that provide front-ending engineering infrastructure (i.e., detention ponds, pump stations, trunk utilities, etc.) that provide a neighbourhood-wide benefit for housing or industrial uses; and o Acceptable Surety companies with a minimum of A+ level from A.M. Best Rating Services; and o Securities amount ranging from $3,000,000.00 to $15,000,000.00. • The Engineering Department supports the variance to include the use of a Surety Bond for Servicing Agreement No. 7822-0103-00.

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