Guro-gu, 50% Reduction in Public Property Rental Fees

Targeting 16 Stores in Former Commercial Building... 5-Month Reduction from April to August... Promotional Activities to Encourage Private Sector Expansion... 'Sharing Relay Campaign' for Mutual Growth Also Launched

[Asia Economy Reporter Jong-il Park] Guro-gu (Mayor Lee Seong) will reduce rental fees for public property by 50%.

Guro-gu announced on the 8th that "to ease the economic burden on small business owners and micro-entrepreneurs struggling due to COVID-19, the usage fees for district-owned commercial properties will be temporarily lowered."

On the 24th of last month, the amendment to the Enforcement Decree of the Act on the Management of Public Property and Goods, which significantly eased the procedures for reducing usage fees of public property, was approved at the Cabinet meeting.

The amendment stipulates that local governments can adjust usage fees for public property they own without revising ordinances. Accordingly, Guro-gu held a review by the Public Property Deliberation Committee and decided to reduce rental fees.

The reduction applies to 16 stores located within commercial buildings operated under consignment by the Guro-gu Facilities Management Corporation. It will be applied for five months, from this month through August.

Guro-gu is conducting various promotional activities to encourage the spread of rental fee reductions to the private sector. They are encouraging participation in the "Rental Fee Reduction Movement" through meetings with building owners, banner postings, and newsletter publications.

They are also conducting the "Share, Give, Overcome! 3GO Sharing Relay Movement," centered on traditional markets in the area. The purpose is to create an atmosphere where landlords reduce rents, merchants give a little extra than usual, and customers spend an extra 1,000 won than usual, fostering mutual growth among landlords, tenants, and residents.

A Guro-gu official said, "We hope to overcome the COVID-19 crisis together through concession and consideration," and added, "We will do our best to prepare support measures for the recovery of the local economy."