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Published Feb 04, 2025

City of Surrey - Update on Surety Bond Pilot Program

At their meeting on January 27th, Council received a report providing an update on the Surety Bond Pilot Program for information. Additionally, Council approved an increase in the number of eligible land development projects using surety bond pilot from 30 to a new maximum of 50, and endorsed the eligibility criteria for the program. To date, staff have qualified land development projects for the Program based on their proximity along Rapid Transit corridors, City Centre enhancements, and/or their significant economic benefits. Due to program growth, staff have proposed the following eligible criteria that a land development project must fall within to qualify for the Program:ย 

  • Land development projects within City Centre Office or Entertainment District; or ย 
  • Projects that provide front-ending engineering infrastructure (i.e., detention ponds, pump stations, trunk utilities, etc.) that provide a neighbourhood-wide benefit for housing or industrial uses; and ย 
  • Acceptable Surety companies with a minimum of A+ level from A.M. Best Rating Services; and ย 
  • Securities amount ranging from $3,000,000.00 to $15,000,000.00.ย 

A Development Variance Permit will still be required for each land development project to be included in the Program. As such, the ultimate decision for a land development project to utilize Surety Bond will be brought forward for Councilโ€™s consideration. Land development projects that already have an executed Service Agreement cannot be permitted to retroactively qualify for the Programย 

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

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