Our Commitment to Surrey
OUR MANDATE IS THREE-FOLD:
- To develop land for financial profit and the betterment of the City of Surrey.
- To build an income producing real estate portfolio.
- To help advance the City of Surrey’s financial, social, economic, physical and community objectives.
Since Surrey City Development Corporation (SCDC) was first incorporated in 2007, the City of Surrey’s population has grown by over 100,000 and the city has matured into one of the most thriving and exciting communities in Western Canada. Through all of this SCDC has been supporting Surrey’s growth into a more modern, vibrant and complete community through its progressive real estate activities. Whether facilitating job creation and growing the commercial tax base through extensive industrial developments, cleaning up abandoned and contaminated land so that it can be repurposed as a vibrant new residential community or expanding Metro’s second downtown in Surrey City Centre, SCDC has contributed in many meaningful and positive ways to Surrey’s growth over these past ten years.
SCDC is a for-profit real estate development company and is separate from the City of Surrey with independent finance, operations, and governance. SCDC is governed by a professional Board of Directors. SCDC has generated an annual surplus from operations since 2011 and has paid an annual dividend to the City of Surrey since 2013. The annual dividend is funded from SCDC’s consolidated annual surplus from operations; the cumulative total of dividends to the City now stands at $27.0 million. These funds have contributed to the City’s budget for a number of important initiatives including the City’s new Operations Centre, the North Surrey Arena replacement, the new City Hall, the biodiversity conservation program, technological infrastructure and library capital improvements.
The City is the sole Shareholder of SCDC through a Partnering Agreement, which outlines the Company’s directives and authorities; it is not involved in the day-to-day management of SCDC. By virtue of the Partnering Agreement, SCDC aligns its goals with the City of Surrey.