Frequently Asked Questions

 

Why is Surrey City Development Corporation being transitioned into the City of Surrey at this particular time?

The City of Surrey is the sole shareholder of the SCDC and as its owner, can make decisions like this one. The City supports the work of SCDC and respects the capabilities of its Board, management and staff; however, at this time Mayor and Council has requested that SCDC’s assets and activities be brought in-house. Please contact the City of Surrey or the Office of the Mayor for more details.

How and by when will SCDC be dissolved and transitioned to the City?

SCDC and City staff are actively working on a transition plan for the company. This complex process is expected to take about a year to complete.

What will happen to SCDC properties?

There is no plan to sell any SCDC properties beyond those previously identified for disposition in SCDC’s 2020 Business Plan, approved by Mayor and Council in December 2019. The plan is to have SCDC property ownership and contractual relationships transferred to the City and to ensure the activities in the approved 5-year plan continue.

What will happen to sites SCDC is currently investigating for development, such as the Kwantlen Park housing complex, Campbell Heights and Centre Block?

As with other projects identified in the 5-year plan, work will continue in these properties as planned.

 

What will happen to SCDC staff?

They will continue to work through the transition, after which there may be opportunities for them to continue on with the City of Surrey.

What will happen to SCDC projects, partnerships and other initiatives with stakeholders?

SCDC will continue to advance the projects and initiatives identified in its 2020 Business Plan.  The plan is to have all active contracts and assets ultimately transferred to the City, likely in 2021.

 

Who will manage SCDC affairs during and after the dissolution?

Until the transition is completed, SCDC Board and management will continue to run the company in consultation with their shareholder, the City of Surrey. After the transition, the City will directly manage the ongoing operations.

 

Will contracts with SCDC be honoured by the City?

While the detailed planning is still in progress, it is anticipated that all SCDC contracts will be assigned to the City, who will take full responsibility once the transition is complete. Until that time, SCDC will continue to honour all active contracts.

 

What are SCDC’s current active projects?

SCDC is primarily active to two areas of the City of Surrey.

In Campbell Heights, it has two revenue properties and two serviced sites that will be developed as revenue properties. It is the City’s intent that long term ownership of all these properties remains in City hands. In the City Centre, SCDC is focused on the development of two major redevelopment projects adjacent to the Gateway and Surrey Central Skytrain stations.

 

What is SCDC’s real-estate portfolio worth today?

The market value of the portfolio was appraised at approximately $250 million at the end of 2019.

 

How much has SCDC contributed to the City financially?

Since 2013, SCDC has delivered an annual dividend of $4.5 million to the City of Surrey. SCDC is on track to provide another $4.5 million to the City by the end of 2020 for a total of $36 million inclusive over the past eight years.

 

What has the dividend been used for?

Over the years this dividend has been earmarked by Mayor and Council for a number of different initiatives including:

 

What will happen to the dividend once SCDC operations are transitioned into the City?

Please refer to the City of Surrey.

 

Aside from providing a financial return, what else has SCDC contributed to the City? 

SCDC has undertaken a number of different activities that have advanced the City in non-financial ways.  This includes the creation of 300 acres of much needed industrial lands in Campbell Heights and advancing the City Centre with such positively impactful projects as the highly acclaimed 3 Civic Plaza and Hotel.

 

What costs will be associated with the transition of SCDC to the City?

These will be determined as the process of moving SCDC activities in-house continues. It is too early to tell.

 

Will there be savings once SCDC activities move to the City, for instance in job consolidation?

These will be determined as the process of moving SCDC activities in-house continues. It is too early to tell.

 

Where will the operations and offices of what was SCDC be headquartered as a result of the move?

Please contact the City of Surrey.