Taipei Mayor Hau Lung-bin signed a contract Monday with a corporation founded by Hon Hai Group to build the 'Taipei Information Park' on a build-operate-transfer (BOT) basis. Hau said the park's construction is scheduled to start next year and will come into operation in 2014. The city hopes to open a Taipei version of Akihabara -- a major shopping area in Japan for electronics and computer goods -- and even replace Akihabara as Asia's most important hub for information products, he said. The mayor also said that Hon Hai Group Chairman Terry Gou promised a few days ago that the group will invest NT$200 million (US$6.24 million) to establish an innovation development fund to help young people start businesses and sponsor students to participate in international information products design competitions. Chang Jui-lin, chairman of the Hon Hai-affiliated company, said that once the park's construction is completed, it will not only be able to provide creative products and innovative services, but will also create about 1,500 jobs. He said the park will house 3C (computer, communication, consumer) and information product markets, brand-name flagship stores, multifunctional display areas, high-end product exhibition centers, a digital entertainment zone, a global electronics product testing center, an innovation incubation center, a high-rise garden and a parking area. Occupying a land area of 2,686 ping (8,864 square meters) and a floor area of 7,893 ping, the complex will provide 200 extra parking spaces for cars and an extra 450 places for bicycles and motorcycles, in addition to a legally required number of parking spaces. According to the Taipei City Department of Finance, after the park becomes operational, the city will be able to collect NT$1 billion in franchise fees and NT$17.05 million a year in land leases. It also expects to collect a total of about NT$7.06 billion in business tax and business income tax revenues under the BOT project, which will be carried out over 50 years. 