A tentative agreement was signed in Seoul on March 15, 2006, between MGM, South Korea-based entertainment agency Glovit and Busan city official for a theme park schedule to open in 2011. MGM Studio City was project to cost $1.02 billion build on 245 acres owned by the city in planned tourist district and contain 27 attractions, a film academy with movie sets, hotels, restaurants and shopping facilities. Glovit was expected to find funding and oversee management of the park, while MGM received a licensing agreement making them handle content and overall planning and the option to buy a 5%-10% share.