First Payment of 15.4 Billion Won in Public Contribution Made for Former Jeonbang and Ilsin Textile Site Development

Out of 589.9 Billion Won, 300 Billion Won to Be Paid in Cash Over Installments
Funds to Be Used for Gwangcheon Area Transportation Measures and Infrastructure Expansion

The developer of the former Jeonbang and Ilsin Textile sites has paid 15.4 billion won out of a total public contribution amount of 300 billion won for the first time. The public contribution will be used for transportation measures in the Gwangcheon region and to expand infrastructure.

The Jeonnam Gwangju Integrated Special City announced on September 29 that Champions City Complex Development PFV, the developer of the former Jeonbang and Ilsin Textile sites, paid the first installment of 15.4 billion won in public contributions related to the Residential-Commercial Complex 2 project.

Former Jeonbang and Ilsin Textile site. Provided by Jeonnam Gwangju Integrated Special City

This payment was made in accordance with an agreement signed between Gwangju Metropolitan City and the private developer in July 2024.

The total public contribution is 589.9 billion won. Of this, the developer will directly build and donate infrastructure such as roads and parks worth 289.9 billion won. The remaining 300 billion won will be paid in cash.

The cash portion of the public contribution will be paid in installments over five years, from the start of construction to completion, with payments continuing until 2032.

Public contributions can be used for facilities serving the public interest, such as infrastructure and long-term pending urban planning facilities, in accordance with the National Land Planning and Utilization Act.

The Jeonnam Gwangju Integrated Special City plans to prioritize the use of public contributions for projects like the special transportation measures for the Gwangcheon area to accommodate increasing transportation demand as large-scale residential and commercial facilities are established at the former Jeonbang and Ilsin Textile sites.

Lee Hanmin, head of urban planning at the Jeonnam Gwangju Integrated Special City, said, "With this payment, the public contributions arising from the development of the former Jeonbang and Ilsin Textile sites have officially begun," adding, "The funds secured will be used to enhance convenience for citizens."

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