90 / 150
Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
35
City of Surrey
20. Surrey City Development Corporation (continued)
c) Surrey Centre Limited Partnerships
Surrey Centre Limited Partnerships (“SCLPs”) are various partnerships for the development of mixed-
use real estate developments in the City. The SCLPs financial results are proportionately consolidated
with those of the Corporation based upon the Corporation’s partnership interest of 29.4%. The
liability of SCDC is limited to the cash and land which it will contribute to the SCLP through SCIC. The
proportionate amounts included in the financial statements at December 31, 2014 are as follows:
Assets
$
3,477
Liabilities:
Payable to partners
(3,140)
Deferred gain
(3,542)
Accounts payable
(1,699)
(8,381)
Tangible capital assets
8,265
Accumulated surplus
$
3,361
d) Beedie Limited Partnership
Beedie Limited Partnership (“Beedie LP”) is a partnership in the business of real estate investment
and development of a build-to-suit industrial building in the City. SCDC is an equal partner and
will provide contributions of cash and land to fund development. Beedie LP financial results are
proportionately consolidated with SCDC based upon the 50% share of total contributions. The
liability of the Corporation is limited to the cash and land which it will contribute to Beedie LP. The
proportionate amounts included in the financial statements at December 31, 2014 are as follows:
Assets
$
8
Liabilities
(177)
Tangible capital assets
10
Prepaids
159
Accumulated surplus
$
-