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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
23
City of Surrey
10. Debt (continued)
ii) Loans payable
Loans payable by Surrey City Development Corporation are as follows:
2014
2013
Demand loan, Grove LP, in the form of bankers’ acceptances bearing a stamping
fee of 2.25% plus interest at the monthly bankers’ acceptance rate, secured by the
underlying property and repayable on the sale of the development
$ 2,998
$ 3,496
Croydon Drive Development LLP Loan payable, RBC, bearing interest at RBP plus
0.75% per annum, secured by the underlying property and repayable on the earlier of
the receipt of commercial financing and May 31, 2015
5,059
2,395
Murray Latta loan payable, Bank of Montreal, 7-year term maturing May 1, 2020,
payable in monthly payments of $22,942, including interest calculated at a rate of
3.86% per annum, secured by a mortgage on the commercial property
4,253
4,363
Boundary Park loan payable, Citizen’s Bank of Canada, 10-year term maturing
January 1, 2023, payable in monthly payments of $77,625, including interest
calculated at a rate of 4.05% per annum, secured by a mortgage on the commercial
property
14,000
14,361
Cedar Hills loan payable, Citizen’s Bank of Canada, 10-year term maturing November
1, 2022, payable in monthly payments of $78,497, including interest calculated at a
rate of 3.95% per annum, secured by a mortgage on the commercial property
14,231
14,608
$ 40,541
$ 39,223