68 / 150
Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
13
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 50% ownership in nine holding companies (proportionately consolidated)
referred to as the “Surrey Centre Tower Holdings”.
SCIC has a 29.4% 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 the Croydon Drive Development Limited Liability Partnership
(“Croydon”) - (50% owned and proportionately consolidated)
SCIC has a 50% ownership in 0918387 BC Ltd., the General Partner of Croydon) - (50%
owned and proportionately consolidated)
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)