As mentioned in previous updates, on December 15th Council approved a Surety Bond Pilot Program for up to ten land development projects to use surety bond in a form acceptable to the Township of Langley as an alternate form of security for Servicing Agreements in which the developer has been qualified by an acceptable Surety Bond Insurer. Council also endorsed eligibility criteria for the Surety Bond Pilot Program with a security deposit minimum of $1.5M and no less than 25 housing units.  

A Development Variance Permit will be required for a land development project to be included in the program. As such, the approval of a land development project to be included in the Surety Bond Pilot Program will be solely at Council’s discretion.  

Additional information can be found in the full report by Township staff. 

March 4, 2025

At their meeting on February 24th, Council voted in favour of a motion directing staff to report to Council on alternative forms of bonding for servicing agreement security, such as a Surety Bond Pilot Program or other options it may be appropriate for Council to consider. 

Additional information can be found in the “other business section” of the Council meeting agenda.