365.1 Billion Won Invested... Securing 13,864 Parking Spaces
Establishment of Smart Parking Information System, Providing Parking Information
[Asia Economy Reporter La Young-cheol] Gyeonggi Province will invest 365.1 billion KRW by 2027 to secure 13,864 parking spaces and support the establishment of a smart parking information system that collects, analyzes, and services parking information.
The province announced on the 10th that it has established the "Gyeonggi Province Parking Environment Improvement Project 5-Year (2023?2027) Support Plan," focusing on four core tasks to provide residents with a pleasant and safe parking environment.
The four core tasks are ▲ creation of 10,134 public parking spaces in residential and commercial dense areas ▲ creation of 1,300 small parking lots in residential back alleys ▲ free opening of 2,430 parking spaces in attached parking lots ▲ establishment of a smart parking information system.
The "Public Parking Lot Creation Support" involves building large-scale public parking lots in downtown or commercial and residential dense areas, securing 10,134 parking spaces across 133 locations with a budget of 356.7 billion KRW (143.1 billion KRW from the provincial government, 213.6 billion KRW from city and county governments).
The "Small Parking Lot Creation Support" project transforms idle land such as old houses into parking spaces, securing 1,300 parking spaces at 50 locations with a budget of 5.4 billion KRW (100% provincial funding).
The "Free Opening of Parking Lots Support" provides financial support for costs related to installing or improving facilities when attached parking lots are opened free of charge to local residents, sharing 2,430 parking spaces at 30 locations with a budget of 3 billion KRW (50% provincial funding, 50% city and county funding).
The "Smart Parking Information System Establishment Support" project provides real-time parking vacancy information from the Ministry of Land, Infrastructure and Transport (Transportation Safety Authority) and the Gyeonggi Province Transportation Information Center's smart parking information system to private apps, promoting the use of parking lots.
Parking lot securing project sites will be determined in the first half of each year based on demand applications from cities and counties, and the smart parking information system will be integrated and managed by the Gyeonggi Province Transportation Information Center after consultations with cities and counties this year.
The province expects that upon completion of this project, the number of areas with severe parking shortages in Gyeonggi Province?where the parking supply rate is below 100% (less than one parking space per vehicle)?will decrease from 215 locations in 2021 to 176 locations in 2027, a reduction of 39 locations (18%).
Park Seung-sam, Director of the Gyeonggi Province Transportation Bureau, said, "Since this project is expected to have a significant effect on alleviating parking difficulties, we plan to continuously implement it in areas experiencing parking shortages."
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