Seoul city has secured the funding base for the "Gangbuk heyday 2.0" policy. Gangbuk heyday is a large-scale urban development project to transform the Gangbuk area from a bedroom community into an industrial hub.
Seoul city said on the 28th that a local government ordinance amendment to establish a separate "Gangbuk and other development account" within the installation fund for public facilities had passed the plenary session of the Seoul Metropolitan Council. After review by the Seoul City Ordinance and Rules Deliberation Committee, the ordinance will take effect on the 18th of next month.
The installation fund for public facilities was created in 2020 under the National Land Planning Act and is funded by receiving part of public contributions in cash through contributed acceptance in station-area mixed-use development or large idle-site development when changing zoning, among other cases. Until now, the fund had been operated as a single fund without a separate account, but with this local government ordinance amendment, it has been divided into a general account and a Gangbuk and other development account.
An Dae-hee, head of the Urban Space Headquarters of Seoul city, said, "The establishment of the 'Gangbuk and other development account' is a meaningful step that has created an important financial foundation for realizing the Gangbuk heyday," and added, "We will actively identify resources and manage them systematically so the fund can serve as a catalyst for the development of Gangbuk and the southwestern region."