Kim Moon-soo Seeks 50 Billion Won Support from Lee Myung-bak for Universal Studios Korea Resort

Gyeonggi Province announced that Governor Kim Moon-soo met with President Lee Myung-bak on the 1st to request 50 billion won in infrastructure funding for the construction of the Hwaseong Universal Studios Korea Resort (USKR) and expanded support for U.S. military areas in Korea.

Governor Kim attended a "Mayor and Governor Consultation Meeting" chaired by President Lee in Yeosu that day and submitted a proposal containing these requests.

In the proposal, the province stated that it is pursuing USKR with a target opening in 2016, but faces difficulties due to the large amount of land acquisition costs (504 billion won) and infrastructure costs (414.6 billion won) borne by the private sector. The province requested 50 billion won in infrastructure funding from the government for water and sewage facilities and wastewater treatment facilities.

The province plans that if the government provides 50 billion won in subsidies, it will add an additional 50 billion won in local funds for a total infrastructure investment of 100 billion won.

USKR is a project to develop Asia's largest-scale global theme park on a 4.352819 million square meter site on the eastern side of Songsan Green City in Shin-oe-dong, Hwaseong City. The project is being developed by a Project Finance Vehicle (PFV) composed of Lotte Asset Development, Lotte Hotel, POSCO Engineering and Construction, and Korea Investment & Securities.

Additionally, the province requested increased government support for the development of U.S. military areas in northern Gyeonggi Province and surrounding regions.

The province expressed difficulties, noting that to develop 34 U.S. military-provided areas scheduled for return (173 square kilometers) within the province and surrounding areas would require 1.2002 trillion won in funding from underdeveloped cities and counties, excluding national funds (1.2099 trillion won).

Therefore, the province argued that the national subsidy rate for land acquisition costs in returned military bases should be expanded from the current 60-80% to 60-100%.

The province also stated that the national government should support 70% of the infrastructure construction costs within returned military bases, which are currently borne entirely by cities and counties, and that the national funding support rate for surrounding area support projects (roads) should be raised by 20 percentage points from 50% to 70%.