(C) Gyeonggi Province

SUWON – Gyeonggi Province has announced a landmark initiative to return approximately 64 billion won in profits generated from public development projects to its residents. The funds will be utilized to establish essential "Life SOC" (Social Overhead Capital) facilities across various cities and counties within the province.

The provincial government revealed on Sunday that it will accept applications for the "Gyeonggi Life SOC Return Project" from January 26 to February 20. This initiative aims to enhance the quality of life for citizens by building infrastructures such as sports complexes, cultural centers, childcare facilities, and welfare centers.

The "Gyeonggi Resident Return Fund"
The project is funded by the Gyeonggi Resident Return Fund, a specialized financial pool created by the province to capture a portion of the profits earned through public land and urban development. Since its inception, the fund has accumulated a total of 150.5 billion won between 2021 and 2025. This 64-billion-won allocation marks the first major disbursement from the fund to be directly reinvested into community projects.

Citizen-Driven Priorities
To ensure the funds address actual community needs, Gyeonggi Province previously conducted a survey to gauge resident priorities. The results indicated a high demand for:

Public Parking Lots
Sports Centers (Fitness, Yoga, etc.)
"Together" Care Centers (Childcare)
Public Libraries
Swimming Pools
Selection Process and Funding Scale

Following the submission deadline on February 20, the province will conduct a rigorous evaluation process in March. The selection will be held in an "audition format," where cities and counties present their proposals to determine which projects offer the most significant value to their residents.

The financial support for selected projects is substantial:

New Construction: Up to 16 billion won per project.
Remodeling: Up to 6 billion won per project.
Gyeonggi Province will cover the full cost of design and construction within these limits. However, any costs exceeding these caps, as well as the acquisition of land for the facilities, will be the responsibility of the respective municipal governments.

Realizing Public Value
Yang Chun-seok, Head of the Housing Land Development Division of Gyeonggi Province, emphasized the significance of the project. "This public contest is highly meaningful as it represents the first active execution of the Resident Return Fund," Yang stated. "We look forward to receiving diverse proposals tailored to local circumstances to truly realize the value of returning public profits to the people."

The initiative is seen as a key step in ensuring that the economic gains from urban expansion and land development are shared equitably among the populace rather than being concentrated in corporate or administrative hands.

[Copyright (c) Global Economic Times. All Rights Reserved.]