The land compensation rate for the Kimhae Yongdu District development project has exceeded 80%, signaling a green light for the commencement of site preparation work within the year.
The Kimhae Urban Development Corporation announced that it is currently in the process of expropriation resolution and compensation payment for unagreed land.
According to the corporation, the reported compensation rate of 80% is calculated based on the 'total compensation amount' rather than the number of landowners or parcels. This means that the amount for which contracts have been signed, compensation payments completed, and ownership transferred to the corporation exceeds 80% of the total.
The compensation amount was determined by averaging the evaluations from three appraisal firms, each recommended by the Gyeongsangnam-do government, the project implementer, and a landowners' association.
The first expropriation resolution for landowners who disputed the compensation amount has been completed. The corporation plans to deposit the compensation funds by the 18th and complete the payment by the 21st.
For the remaining land where no agreement has been reached, the process will move to a second expropriation resolution. The project implementer will apply for a resolution to the Gyeongsangnam-do Local Land Expropriation Committee, which will select a new appraisal firm to reassess the compensation amount.
The exact start date for the site preparation work has not yet been determined. While the initial project plan indicated a start date of October 12, the corporation is considering a December start based on the overall progress of compensation.
Once the project is completed, public facilities such as roads will be handed over to the city of Kimhae, and two sites for elementary and high schools within the district will be transferred to the education office at no cost.
Kwon, head of the development project team, stated, "With the compensation rate surpassing 80%, the project is progressing smoothly," and emphasized, "There will be no delays in construction due to compensation issues."
* This article has been translated by AI.
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