On Friday, December 26, 2014, IFEZ signed the project agreement for Korean American Town in Songdo International City. The agreement was 추진됐다 to improve settlement conditions for overseas Koreans and to create a residential and business hub linked to overseas Korean capital and networks. The project site was the Phase 2 area of American Town in Songdo International City, where apartment housing, commercial and office facilities, and cultural and community spaces were planned to be developed in stages. Through this agreement, IFEZ moved to accelerate investment attraction and the expansion of settlement infrastructure, further strengthening the international city functions of Songdo International City.