The Central Florida Tourism Oversight District has unanimously approved a $17 billion development deal with Disney.
The deal will allow Disney to invest $17bn in its Disney World parks over the next 10 to 20 years. It will also permit Disney World to build a fifth major theme park and two minor theme parks, expand hotel room capacity, and increase retail and restaurant space.
Members of the the Central Florida Tourism Oversight District’s board of supervisors gave the green light on Wednesday (12 June) during a meeting.
“This is the day we have all been looking forward to,” Board Member Brian Aungst said before the vote (via Business Insider). “Walt Disney World is inextricably intertwined in the fabric of Central Florida.”
After the vote, Board Member Charbel Barakat thanked Florida Governor Ron DeSantis for his “tireless efforts” to reach a deal with Disney.
As part of the agreement, Disney must give at least 50 percent of construction work related to the development to Florida-based companies, and at least $10 million towards attainable housing projects. Also, Disney must donate at least 100 acres of its land to the tourism district.
Disney can now build fifth theme park
President of Walt Disney World Resort, Jeff Vahle, said: “This new development agreement paves the way for us to invest billions of dollars in Walt Disney World Resort, supporting the growth of this global destination, fueling the Florida economy, and allowing us to deliver even more memorable and extraordinary experiences for our guests.”
The deal comes after a years-long battle between Disney and DeSantis over who controls Walt Disney World’s special governing district. This ended in March when both parties reached a settlement agreement.
The $17bn for Disney’s Florida resort is part of the company’s plans to spend $60bn on its parks, experiences and cruises over the next 10 years. This includes the $1.9bn DisneylandForward development, and a major Magic Kingdom expansion.
Images courtesy of Disney
