Corporate Registration Completed... Transition from Facility Management Corporation to Urban Corporation
Mayor Ikwonjae "Will Establish a Foundation Contributing to the Local Economy"
Osan City in Gyeonggi Province is expected to officially launch the 'Osan Urban Corporation' early next year to participate in regional development projects.
On the 9th, Osan City announced that its public enterprise, the Osan City Facilities Management Corporation, recently completed the corporate registration process to reorganize into the Osan Urban Corporation.
Corporate registration is a preliminary legal procedure for the launch of the Urban Corporation early next year. According to the Local Public Enterprises Act, if a corporation or corporation receives approval from the city council, it must complete the dissolution registration for the previous corporation and the establishment registration for the changed corporation within three weeks. Earlier, on the 13th of last month, the Osan City Council passed two related ordinances and one consent proposal submitted by the city for the establishment of the corporation during a plenary session.
With the corporate registration completed, the city plans to proceed with procedures for the launch of the Urban Corporation, including ▲changing various codes and system names ▲facility maintenance and corporate image (CI) development ▲signing revised contracts for entrusted agency projects.
Staff recruitment will also be intensified. The corporation will inherit all 7 teams and 160 employees from the existing Facilities Management Corporation. Additionally, three members will be added to the Development Project Team, making a total of 8 teams and 163 employees. The city plans to dispatch three employees to the corporation to ensure a stable launch.
The corporation will launch with a capital of 10.1 billion KRW. This amount includes the existing Facilities Management Corporation’s capital of 200 million KRW plus 9.9 billion KRW in investment funds approved by the city council at the regular session at the end of last year. The approved 9.9 billion KRW investment will be used to purchase a 19.8% city equity stake in the 'Unamtteul AI City Project,' which is the corporation’s first project.
The city plans to operate the corporation as a hybrid-type entity that maintains the facility management consignment projects previously performed by the Facilities Management Corporation while promoting various self-developed projects. In particular, through the corporation, the city intends to participate directly or indirectly in ▲public facility construction ▲infrastructure construction ▲industrial complex development ▲urban regeneration and reconstruction ▲development of reserved land in Naesammi-dong ▲development of the terminal site in Segyo 1 District.
Osan Mayor Lee Gwon-jae said, "We will lay a solid foundation for the Urban Corporation to secure the public nature of development, generate profits, and contribute to regional economic development through reinvestment."
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