assets, and to dispose of high-value assets in urban areas. Any property deemed surplus by the government must be sold to the Canada Lands Company at fair market value, which must then develop, manage, or sell the property. In the 2010s, CLC's major projects were the operation and development of the CN Tower and surrounding areas, and the redevelopment of decommissioned Canadian Forces bases across Canada into pricey residential units. Mandate The goal of the corporation as determined by Cabinet since 1995 has been to ensure "the commercially oriented, orderly disposition of surplus properties with optimal value to the Canadian taxpayer". Work The CLC treats their holdings as financial assets. They appraise the value of their holdings exclusively from an exchange-value point of view, and recommends property management and redevelopment schemes directly aimed at increasing the land exchange value. In contrast, in UK land disposals, surplus designation is based on the land’s operational value, and exchange value is only considered once it is determined that the land has no value for the government. The CLC also subsidizes the initial costs of developing the property, such as "the removal of debris and contaminated soil or other environmental hazards. Other preparation work may include the renovation of existing roads, the demolition of unsafe structures and the installation of new roads and other municipal services (for example: sewers, streetlights, etc.)." Privatization Heather Whiteside describes the CLC as an "agent of privatization, akin to PPP Canada and the Canada Infrastructure Bank". She says the "CLC provides regulatory-managerial support for privatization by collecting rent to subsidize property development, by commercializing public space, and by financializing public land." Governance The chair of the company and its board members are appointed by the Governor-in-Council. It is a self-financing company operated at arm's length from the government that reports to the Minister of Public Services and Procurement. It functions as a "private sector, full-service real estate company". Unlike other government agencies, it is able to borrow money from capital markets, use letters of credit, and hold cash and other short-term financial instruments. Holdings CLCL is the parent of three subsidiary companies: Parc Downsview Park Inc. (which manages Downsview Park in Toronto), Old Port of Montreal Corporation (which manages attractions in the Old Port of Montreal historic area including the Montreal Science Centre), and Canada Lands Company CLC Limited (which manages all other holdings such as the CN Tower).