LAKE BUENA VISTA, FL – OCTOBER 01: Walt Disney World Resort marked its 45th anniversary on October 1, 2016 in Lake Buena Vista, Florida. (Photo by Jacqueline Nell/Disneyland Resort via Getty Images)
OAN’s Abril Elfi
12:57 PM – Wednesday, June 5, 2024
The Central Florida Tourism Oversight District board has given initial approval to propose a $17 billion Disney World development plan.
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On Wednesday, the board unanimously voted for the 15-year agreement, which was created to grow Disney World’s potential by adding a fifth theme park, which will require a final vote on June 12th in order to take effect.
“The development agreement will enable us to continue to invest significantly in the district,” said Woody Rodriguez, director of external affairs for Disney Parks, Experiences, and Products.
While Disney claims in the proposal that it will invest up to $17 billion over the next 10 to 20 years, the company has not disclosed any specifics about what is currently in the works. Eight billion dollars will be committed over the first 10 years of the agreement.
To support the new development, district officials have committed to funding roads and taking part in other infrastructure projects.
Disney also commits to spending $10 million on affordable housing projects and a “buy local initiative,” wherein at least half of the supplies and labor used in construction will come from Florida-based companies.
According to a legal announcement, the agreement covers about 17,300 acres that are owned by Disney, and authorizes a maximum of five theme parks, which is one more than what it operates now. However, company officials have not announced a fifth theme park.
The agreement also includes a maximum of five minor theme parks, such as a water park, nearly 1.3 million square feet of office space, 1.7 million square feet of restaurant and retail space, and 53,467 hotel rooms.
Governor Ron DeSantis (R-Fla.) previously “took over the governing district through legislation passed by the Republican-controlled Florida Legislature and appointed a new board of supervisors,” according to The Post.
“Reedy Creek” was also later renamed into the Central Florida Tourism Oversight District by lawmakers.
Disney and the district board appointed by DeSantis reached a settlement in state court in March regarding development agreements. Disney had filed a federal lawsuit, which is still pending, and district officials will speak on the lawsuit on June 12th.
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