Mayor Brenda Locke
SURREY – During the recent Regular Council Meeting, Surrey City Council approved the expansion of the Surety Bond Pilot Program, increasing the number of eligible land development projects using surety bonds from 30 to a new maximum of 50. This pivotal decision reflects the City’s commitment to promoting sustainable economic growth while providing greater flexibility for developers in financing their projects.
“The expansion of the Surety Bond Pilot Program is a significant milestone for our community,” said Mayor Brenda Locke. “This enhanced capacity not only empowers developers with additional resources to drive their projects forward but also ensures that we are fostering the infrastructure improvements necessary for our growing city. As we embrace this innovative financing tool, we are taking a substantial step toward building a more resilient and prosperous future for all our residents.”
The Surety Bond Pilot Program, established in 2016, enables developers to use surety bonds as an alternative to traditional security methods like cash or letters of credit. This approach enhances liquidity for developers, allowing them to reinvest in projects that support the city’s vision of sustainable urban development. Since its inception, 30 projects have successfully utilized the program, with many nearing completion, underscoring its effectiveness in facilitating crucial engineering works for land development.
With the expansion now approved, the program will accommodate an even wider range of projects that meet specific eligibility criteria, including those located near Rapid Transit corridors and others that provide significant community infrastructure benefits. The Council has endorsed requirements for participating projects, including a minimum A+ rating for Surety companies and a securities amount ranging from $3 million to $15 million.
This strategic enhancement positions the City of Surrey to be more competitive in attracting and supporting land development projects, ultimately benefiting residents through improved services and infrastructure.
Source: City of Surrey
