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According to Yonhap News,
(DAEGU=Yonhap News) Daegu City will create a knowledge-based multi-functional activation zone at the Agricultural Products Storage Site of the West Daegu Industrial Complex.
The project is aimed at putting a regeneration project into practice by building key facilities after designating certain area as a demonstration district to expand infrastructure and improve industrial structure.
It is the first time in the nation such project is carried out after activation zone policy was implemented in accordance with the Industrial Zone Act, which was revised last August. Road and other infrastructure, industrial area, area for multi-functional facilities will be constructed on the 15,000 ㎡ land in the Agricultural Products Storage Site located in Seo District, Daegu.
The city will designate and announce an activation zone that combines industrial, commercial, business, and educational facilities, and plans to break ground in March next year to establish it as an urban high-tech industrial complex.
In the industrial facility area, a Real Estate Investment Trust (REITs) invested jointly by Daegu Metropolitan Government, Korea Land & Housing Corporation, and Korea Housing & Urban Guarantee Corporation, will establish a center for the knowledge industry.
Commercial, sales and business facilities will be set up in the area for multi-functional facilities by raising private funds. Research, education, and welfare facilities will be located as well.
As investment incentives, the city will ease regulations on building-to-land ratio and floor area ratio and exempt reinvestment of development profits. In addition, government funds will be provided first to infrastructure installation budget.
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Source: Yonhap News (Dec. 19, 2016)
** This article was translated from Korean.