US Firm Commits $500 Mil. for Taekwondo Park in Muju



By Seo Jee-yeon
Staff Reporter
Winwheel Bullion, a U.S.-based land developer, has signed a
memorandum of understanding (MOU) with Muju County, North Cholla
Province, for constructing the Taekwondo Park in the scenic region,
the Muju Country said Wednesday.

According to the county, the U.S. developer sent a letter of intent
(LOI) to participate in the project, including a minimum $500 million
investment plan, on Oct. 22 and an MOU for the joint development of
the project was signed after the county reviewed the conditions
proposed by the company.

The project includes the World Taekwondo Federation Headquarters
building, Taekwondo related facilities, hotels, a shopping mall,
residential areas, a school, a hospital and public parks.

Muju County, which is hoping to win the 2014 Winter Olympic Games,
has sought the project since 1997, but has had difficulty in raising
funds.

As of now, 17 cities and counties have joined the bidding for the
Taekwondo Park project and the central government plans to make a
final selection before the end of this year.

``It is rare for a foreign investor to express an interest in the
project. We believe the interest of Winwheel Bullion in Muju reflects
the county¡¯s good chances of becoming a final candidate for
construction of the Taekwondo Park,¡¯¡¯ Kim Se-ung, top administrator
of the Muju County, said.

He added the county will activate a task force for the project.



jyseo@...


11-10-2004 18:19




Kim Se-ung