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Geoje City in Korea advances sports park expansion project
haps Magazine Korea
June 21, 2024
(Image: Geoje City)
Geoje City is moving forward with administrative procedures for the expansion of Geoje Sports Park to address the shortage of public sports facilities.
In compliance with the Local Finance Act, new projects with a total cost of KRW 50 billion or more require a mandatory feasibility study from a specialized agency designated by the Minister of the Interior and Safety.
Last December, Geoje City completed the ‘Geoje Sports Park Expansion Project Basic Plan and Feasibility Study’ service. With the total project cost estimated at KRW 77.8 billion, the city requested a feasibility study from the Ministry of the Interior and Safety at the end of April.
Following a six-week preliminary review by the Korea Local Administration Research Institute, the ‘Geoje Sports Park Expansion Project’ was selected for investigation on June 5, and an agreement was signed on June 13, 2024.
The specialized organization will conduct a feasibility study over approximately seven months. Geoje City aims to undergo an investment review early next year, incorporating the study’s findings.
Geoje City is committed to actively responding to feasibility studies and future investment reviews, ensuring the seamless execution of the Geoje Sports Park expansion project—a long-standing aspiration of both athletes and citizens.