Osan City to Recover All Private Dividends from Unnam Valley Development

[Suwon Ilbo=Reporter Jeong Jun-seong] Osan City announced on the 18th that regarding the 'Unnam Valley AI City Development Project,' all private business dividend profits from the development will be recovered, as recovery measures have been put in place from the start.

Osan City made this statement in response to suspicions recently raised that the project is similar in form to the Daejang-dong development project in Seongnam, and further announced that the project will proceed smoothly with fair land compensation and other measures.

An Osan City official stated, "The Unnam Valley AI City development is being pursued with supplementary measures designed to return all private business dividend profits generated during the site development process," and emphasized, "The concentration of private business dividend profits, which has become a social issue, does not apply to the Unnam Valley development."

The city official said, "The public-private joint urban development method is a project method stipulated in relevant laws to be applicable to large-scale urban development projects such as residential land development projects, urban development projects, and industrial complex development that are difficult to pursue through public development methods using local government budgets," and stated, "Many projects nationwide are being conducted through the public-private joint development method, so it is not appropriate to misrepresent all of them as illegal conduct."

Regarding the suspicions raised by political figures and some related parties, the city official noted, "Much of the problem-raising regarding the Unnam Valley development is exaggerated, and we have explained it through various channels. These are matters where misunderstandings can be resolved if detailed explanations are heard and objective judgments are made."

Mayor Gwak Sang-wook stated, "While there are concerns in the local community about the Unnam Valley development, we will pursue this project transparently and substantively without the slightest suspicion, making it a certain opportunity for Osan City to take another step forward," and asked for cooperation, adding, "We will make our utmost efforts to ensure that fair compensation is provided to landowners included in the Unnam Valley AI City development project."