Construction on the National Debt Redemption Movement Memorial Park began in March 1998 and was completed in December 1999. The park was established to retain the spirit of the National Debt Redemption Movement that originated in Daegu in 1907 and the 2nd movement in 1997 that was held to help overcome the national economic distress affected by the Asian Financial Crisis of 1997. The park also expanded the green space in the downtown area and offers a place of rest and relaxation to the general public.

Spanning 42,500 square meters in size, the park boasts the Dalgubeol Grand Bell, a bell pavilion, walking trails, and other amenities. The famous Dalgubeol Grand Bell was installed on the park grounds in December 1998 as a representation of harmony and prosperity and to symbolically awaken the people with its pure and clear ringing. In addition the convenient and beautifule amenities, the park also has several memorial plaques engraved with quotes from many significant historical figures who shaped Korea's culture and values.