Gyeonggi Province held a residents' meeting on the 15th regarding the termination of the K-Culture Valley agreement.
Gyeonggi Province held a meeting with residents of Goyang City and reiterated that the termination of the agreement with CJ Live City was an inevitable decision for the success of the K-Culture Valley project.
On the 15th, Gyeonggi Province held a residents' meeting regarding the termination of the K-Culture Valley agreement at KINTEX Exhibition Hall 2 in Goyang City, chaired by Kim Seong-jung, the First Deputy Governor of Gyeonggi Province.
The meeting proceeded with Deputy Governor Kim Seong-jung’s presentation on the progress of the K-Culture Valley complex development project, the background of the decision to terminate the agreement, and the future direction of the project, followed by a Q&A session.
Deputy Governor Kim emphasized that there was no way to confirm CJ Live City’s willingness to proceed with the project as the reason behind the termination of the agreement.
He explained, "Despite Gyeonggi Province continuously expressing its intention to negotiate an extension of the project period until just before the project deadline, CJ Live City only insisted on reducing the liquidated damages," clarifying that the termination of the agreement was an unavoidable decision.
Regarding residents’ demands for a reduction of liquidated damages, he stated, "After receiving legal advice from multiple law firms, we were informed that reducing liquidated damages could constitute legal breach of trust and preferential treatment," and added, "Proceeding with the original project plan is also impossible due to the termination of the project."
In response to claims that proceeding with public development would lead to apartment construction, he said, "I strongly agree with residents’ opinions that a complex cultural district centered on Goyang City is important for the development of northern Gyeonggi," and promised, "We will continue to uphold the position of developing K-Culture Valley as a complex cultural district."
Although the meeting was originally planned for 1 hour and 30 minutes, it lasted over 2 hours.
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