Andong-si Extends Additional Rent Reduction for Public Property (Restaurants·Cafes) Lease Until June

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Andong City, Gyeongbuk Province, announced on the 25th that it will provide additional rent reductions for tenants of public property, including small business owners facing economic difficulties due to COVID-19.

Andong City, which reduced the usage and lease fees of public property for six months from February to July last year, will extend the additional reduction for 11 months from August last year to June this year due to the prolonged COVID-19 pandemic.

The reduction targets are tenants who lease public property and operate commercial businesses (restaurants, cafes, stores, etc.). In addition, those who have suffered damage due to COVID-19 can also receive reduction benefits.

The reduction details include lowering the usage and lease rate from 2-5% to 1%, and if the facility usage was suspended during the disaster period, tenants can choose either a full rent exemption for the suspension period or an extension of the lease period equivalent to the suspension period. The application period for the reduction is one year, from March this year to February next year.

With this measure by Andong City, tenants of public property received a rent reduction support of 311 million KRW last year, and the estimated reduction amount for this year is 450 million KRW.

An official from Andong City stated, "We hope that the reduction support for users and lessees of public property affected by COVID-19 will help reduce economic burdens, boost morale, and assist in overcoming difficulties even a little."