Gumi City and Korea Land & Housing Corporation Sign Agreement to Amend Project Implementation

Urban Regeneration Innovation District Project by Public Corporation, Partial Agreement Amendments

Includes Measures to Revitalize Local Construction Economy and Expand Private Expert Participation

Gumi City and the Daegu-Gyeongbuk Regional Headquarters of Korea Land and Housing Corporation (LH) signed a business implementation amendment agreement for the ‘Industrial Complex Urban Regeneration Innovation District (National Pilot District) Development Project’ on the 7th at the City Hall International Trade Cooperation Office.

Gumi City Hall.

Since being designated as a national pilot district in 2019, Gumi City and LH finalized their participation in the project in July 2021 and signed a basic agreement.

In November of the same year, the city signed a business implementation agreement (consignment agreement) with LH, entrusting LH with all necessary tasks to achieve the purpose of the innovation district development project, and LH took full responsibility for the project costs, construction, supply, operation, and management of the Happy Housing site within the project district.

This amendment agreement was pursued to reflect the changes in the project contents due to the change approval of the district designation of the innovation district (December 2022) and the promotion of the implementation plan approval after the business implementation agreement in November 2021, as well as to supplement some agreement matters.

Through this amendment agreement, new provisions were established to clarify the solid promotion of the project, including measures to revitalize the local construction economy, expand the participation scope of private experts for the systematic and safe construction of large-scale complex facilities, and ensure responsible roles for each institution throughout the multi-year project.

Mayor Kim Jang-ho mentioned the upcoming schedule for selecting the construction company, urging, “Since this is a large-scale construction project rarely seen even by LH, we will select a construction company with extensive construction experience and know-how,” and requested, “As the city is investing a significant portion of the funds, we will prepare a plan for joint participation by local construction companies.”

He also conveyed the concerns heard locally regarding the recent LH scandal, emphasizing, “Under the responsibility of Director Shin Gwang-ho, thorough management and supervision will be conducted to ensure that no suspicions arise in any aspects related to construction, contracts, and execution of the Gumi Innovation District project.”

The innovation district project, led by Gumi City and LH, will invest a total project cost of 217.2 billion KRW by 2025 (national funds 25 billion KRW, provincial funds 4.2 billion KRW, city funds 12.5 billion KRW, national funds from other ministries’ linked projects 13.7 billion KRW, LH investment project funds 35.3 billion KRW, and 126.5 billion KRW from the Housing and Urban Fund) to create a space integrating industry, culture, residence, and commerce in the area around 249 Gongdan-dong.

The plan includes the development of ▲Industrial Convergence Innovation District (Enterprise Growth Center, Innovation Support Center), ▲Industry-Culture Convergence District (Industrial Archive, Industrial Complex Harmony Center, Growing Center, etc.), ▲Medical-Health Convergence District (Industrial Complex Healthcare, Medical-Health Research Center, Shared Officetel, etc.), and ▲Worker Coexistence Complex District (Integrated Public Rental Housing). Through the innovation district project, it aims to attract youth and creative classes and establish Gumi as a new growth hub.

Currently, before the groundbreaking of the innovation district project site, a temporary parking lot has been created and is open free of charge to enhance resident convenience. Administrative procedures such as implementation plan approval will be completed within the year, and after selecting the construction company by the end of the year, full-scale construction is scheduled to begin in 2024.

This content was produced with the assistance of AI translation services.