67 / 140
57
For the year ended December 31, 2015
[tabular amounts in thousands of dollars]
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
City of Surrey
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
a) Basis of consolidation (continued)
iv) Surrey City Development Corporation
The consolidated financial statements reflect the assets, liabilities, revenues and expenses of Surrey City Development
Corporation (“SCDC”). All inter-departmental and inter-entity accounts and transactions between SCDC and the City are
eliminated upon consolidation. SCDC has the following wholly owned subsidiaries and government partnerships, which are
accounted for as follows:
i) Surrey City Investment Corporation (“SCIC”) - (100% owned and fully consolidated)
SCIC has a 29.9% ownership in the following entities (proportionately consolidated), referred to as the “Surrey Centre
Limited Partnerships”:
• Surrey Centre Office Limited Partnership
• Surrey Centre Hotel Limited Partnership
• Surrey Centre Residential Limited Partnership
SCIC has a 50% ownership in nine holding companies (proportionately consolidated) referred to as the “Surrey Centre
Tower Holdings”.
SCIC held a 50% ownership in the Croydon Drive Development Limited Liability Partnership (“Croydon”) - (proportionately
consolidated prior to date of disposition, March 27, 2015)
SCIC has a 50% ownership in 0918387 BC Ltd., the General Partner of Croydon - (proportionately consolidated prior to
date of disposition, March 27, 2015)
On March 27, 2015, SCIC disposed of its ownership in Croydon and 0918387 BC Ltd. The disposition resulted in a $2.3
million gain.
ii) Grove Limited Partnership and Grove (G.P.) Inc. - (50% owned and proportionately consolidated)
iii) Surrey City Investment (Industrial) Corporation (“SCIIC”) - (100% owned and fully consolidated)
SCIIC has a 50% ownership in the Beedie SCDC (34A Ave) Limited Partnership (“Beedie LP”) - (50% owned and
proportionately consolidated)
SCIIC has a 50% ownership in the Beedie SCDC (34A Ave) G.P. Ltd., the General Partner of Beedie LP - (50% owned and
proportionately consolidated)