The Ministry of Land, Infrastructure and Transport announced on the 14th that it will hold regional briefings on the land stocking project for two days on the 16th and 17th to support the timely promotion of public utilities implemented by local governments.
The public land stocking system is a system that secures land in advance for public utilities such as roads, parks, housing, and industrial complex development through the Land Bank of Korea Land and Housing Corporation (LH) and supplies it when needed. Once selected as a target project for land stocking, LH, which has expertise in land compensation, will handle the entire compensation process from negotiated purchase to expropriation.
By utilizing this system, local governments can resolve issues related to the prolonged process of public development projects due to limited budgets and additional financial burdens resulting from rising land costs. When receiving land from LH, local governments can utilize the land by paying only a deposit of 10%, allowing for faster progression of public utilities.
The Ministry will provide information on this year's project schedule, application procedures, and methods during the briefing. Institutions attending the briefing will also be given preferential selection benefits when project selections are made in the future. Applications for the land stocking project this year are due by the 7th of next month. The selection of projects for stocking will be finalized by the end of February after review by the Public Land Stocking Review Committee.
Kim Gyu-cheol, head of the Housing and Land Department at the Ministry, noted, "The public land stocking system has primarily been used for infrastructure projects such as roads and parks in the past, and we plan to actively support the use of the stocking system centered around regional core projects in accordance with regional demand in the future."