CJ Live City Co., Ltd. has decided to donate the arena facility it had planned on the ‘K-Culture Valley’ theme park site to Gyeonggi Province, giving new momentum to the K-Culture Valley complex development project being promoted by Gyeonggi Province.
On the 12th, Gyeonggi Province announced that CJ Live City Co., Ltd. applied for donation not only of the structure with 17% progress initiated by CJ on the 11th but also all project-related materials including design drawings.
This is the third decision by CJ related to the K-Culture Valley complex development project following the announcement in September to actively cooperate with Gyeonggi Province for project normalization without contract termination or invalidation lawsuits, and the return of commercial land.
Gyeonggi Province explained that with this donation application, the three key issues that had raised concerns during the project resumption process?lawsuit filing, commercial land return, and arena facility donation?have all been resolved, allowing the K-Culture Valley complex development project currently being promoted to accelerate.
Earlier, on September 25, Gyeonggi Province completed the ownership transfer to itself along with payment for land return regarding the commercial facility land supplied (sold) to CJ Live City, fulfilling related procedures.
Since the concerns have been swiftly resolved, Gyeonggi Province plans to promote the K-Culture Valley project through ‘original form, rapid, and responsible capital expansion.’
Kim Sang-su, Director of the Culture, Sports and Tourism Bureau of Gyeonggi Province, stated, "With the donation of the arena facility, all obstacles to the promotion of the K-Culture Valley project have been removed," adding, "We will do our best to quickly and successfully develop K-Culture Valley to swiftly heal the disappointment felt by the citizens of Goyang due to the contract termination."
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