Gyeonggi Provincial Council to Conduct 'Administrative Investigation' on K-Culture Valley Agreement Cancellation

The Gyeonggi Provincial Assembly Special Session held on the 23rd

The Gyeonggi Provincial Assembly will conduct an administrative investigation into allegations of improper termination of the K-Culture Valley project agreement.

On the 23rd, the Gyeonggi Assembly held a one-point extraordinary session and passed resolutions on the "Request for Administrative Investigation into Allegations of Improper Termination of the Gyeonggi-do K-Culture Valley Project Agreement" and the "Formation of a Special Committee for Administrative Investigation."

The special committee for the administrative investigation will consist of 14 members, with 7 from the People Power Party and 7 from the Democratic Party of Korea, and the chairperson will be Kim Young-gi (Uiwang 1) from the People Power Party.

The special committee, which will operate for 90 days from today until December 21, will examine ▲ why Gyeonggi Province did not accept the mediation proposal from the Ministry of Land, Infrastructure and Transport-led 'Public-Private Joint PF Adjustment Committee' before terminating the K-Culture Valley agreement ▲ why the agreement was terminated before the Audit Board's preliminary consulting results regarding the mediation proposal were notified ▲ and issues related to responsibility for construction delays, such as CJ Live City's claims of power supply failure.

It will also review the suitability of the public development alternative proposed by Gyeonggi Province and the future direction of the project.

K-Culture Valley is a project to invest 1.8 trillion won (as of June 2020) to develop a K-pop specialized arena, studios, a theme park, commercial, lodging, and tourism facilities on a 326,400㎡ site in Janghang-dong, Ilsandong-gu, Goyang City.

Gyeonggi Province judged that CJ Live City, the project implementer, had no intention to proceed with the project, with the overall progress rate at only 3%, and thus terminated the "K-Culture Valley Project Basic Agreement" signed in May 2016 on June 28 and decided to switch to a public development method.

Meanwhile, the provincial assembly included in the supplementary budget the commercial land sale proceeds (152.4 billion won) that must be returned to Kiwoom Partners, which financed CJ Live City, following the termination of the K-Culture Valley project agreement.

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