Utilization of Funds for Stadium Construction, Sports Facility Maintenance, and Current Projects
[Asia Economy Honam Reporting Headquarters Reporter Jeong Seunghyun] Mokpo City, Jeonnam Province, will invest part of the proceeds from the sale of Yudal Stadium into expanding sports activities.
According to the city on the 8th, a mid-sized company based in Seoul that won the bid for Yudal Stadium paid the remaining balance of approximately 84.3 billion KRW on the 7th.
Including the deposit of approximately 9.3 billion KRW paid on April 8, the total payment for the sale of the Yudal Stadium site has been completed at 93.674 billion KRW.
Accordingly, the city plans to complete the ownership transfer registration on the 11th. Subsequently, procedures for building apartment complexes and administrative processes will proceed according to the company's schedule.
The Yudal Stadium site was sold through a general competitive bidding process based on the highest price, and the bid was won at 93.674 billion KRW as of the bid opening on April 1. This amount is 333% higher than the originally planned sale price of 28.13 billion KRW.
The city analyzed that the high interest from industries nationwide and the record-breaking sale price of the Yudal Stadium site reflect the increased value of the city’s brand.
Mokpo is currently progressing smoothly with its three major strategic industries?renewable energy, seafood food products, and tourism?linked to government projects worth over 100 billion KRW, raising expectations for active investment and quality job creation in the future.
Despite the prolonged COVID-19 pandemic, the occupancy rate of the Daeyang Industrial Complex has exceeded 90%, and last year, Mokpo was selected as the number one city nationwide for business friendliness by the Korea Chamber of Commerce and Industry.
The city, after careful consideration of how to utilize the sale proceeds, plans to invest 49 billion KRW in the construction of the Mokpo Sports Complex, in line with the original intent.
The construction of the Mokpo Sports Complex, currently underway, involves a total investment of 92 billion KRW, including 20 billion KRW from the national government, 23 billion KRW from the provincial government, and 49 billion KRW from the city.
The remaining funds will be used to expand sports facility infrastructure in preparation for the National Sports Festival, including the Bandabi Sports Center, International Football Center, and Indoor Gymnasium, as well as to address current issues and repay local bonds based on citizen feedback.
A city official stated, “We have prioritized using the proceeds from the sale of Yudal Stadium as funds for the National Sports Festival while seeking the most effective way to manage city finances. We will use these valuable resources to promote current projects in communication with citizens.”
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