Disney and appointees of Florida Gov. Ron DeSantis have officially approved an agreement that could result in the company investing $17 billion into its Florida properties, as well as a potential fifth major theme park.
The news comes two months after the two parties agreed to end their drawn-out legal battle, which centered on oversight of the Disney World district that provides municipal services like fire suppression, emergency medical services, law enforcement services, environmental protection and public utilities.
The DeSantis-appointed supervisors of the Central Florida Tourism and Oversight District — formerly the Reedy Creek Improvement District — are one step closer to cementing a final agreement with Walt Disney Parks and Resorts U.S., after the appointees unanimously voted Wednesday to accept proposed revisions and approve the new development agreement.
In an aerial view, the Walt Disney World resorts and theme park sit along the Seven Seas Lagoon on February 8, 2023 in Orlando.
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Both sides had agreed to negotiate this new agreement after a March settlement, which ended their state court lawsuits against each other, according to The Associated Press.
Final action for the development agreement will take place with Walt Disney Parks and Resorts in another public board meeting on June 12.
During a livestream of the first of the board’s two public hearings on the agreement on Wednesday, Katherine Luetzow, manager of planning and engineering for the district, highlighted details of the 15-year development agreement, which covers nearly 17,000 acres of land within the district that is currently owned by Walt Disney Parks and Resorts and its subsidiaries.
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“Disney is currently planning up to $17 billion of capital investments within the district in the next 10 to 20 years, with a commitment of $8 billion in the next 10 years,” she said. “There are provisions for by local initiatives, including a minimum of 50% of goods and services related to the design, development and construction, to be retained with Florida businesses. There is $10 million going to attainable housing projects, and there are provisions for land, as well as wetland and threatening endangered species mitigation credits being donated to the district.”
The members of the Central Florida Tourism Oversight District board welcomed public comment from two small business owners that operate at Disney Springs, who both urged the board to approve the new deal.
Disney Springs entertainment complex at the Walt Disney World Resort in Lake Buena Vista, Feb. 8, 2023.
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Luetzow said their staff reviewed this agreement and recommended the board review and approve this development agreement.
The members of the Central Florida Tourism and Oversight District board welcomed public comment from two small-business owners who operate multiple food establishments at Disney Springs. Both urged the board to approve the investment from Disney, which they said would benefit thousands of restaurant workers, their families and anyone who lives and works in this district.
Woody Rodriguez, director of external affairs for Disney Parks, spoke at the meeting and thanked the board for considering the agreement.
“I especially thank your district administrator who definitely hit the ground running,” Rodriguez said. “The development agreement will enable us to continue to invest significantly in the district to benefit all parties. We hope that the board votes to approve it at your next public hearing. Thank you.”
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Disney has recently announced plans to invest a whopping $17 billion in its Florida theme parks following the approval of a development agreement by local authorities. This massive investment is set to bring a wave of new attractions, experiences, and enhancements to the already popular Disney World Resort in Orlando.
The development agreement, which was approved by the Reedy Creek Improvement District, allows Disney to move forward with its ambitious plans to expand and improve its theme parks in Florida. The agreement includes provisions for new rides, shows, restaurants, and other entertainment offerings that will delight visitors of all ages.
One of the most anticipated projects included in the $17 billion investment is the transformation of Epcot, one of Disney World’s four theme parks. The park will undergo a major overhaul that will include new attractions, updated pavilions, and a reimagined entrance plaza. Disney has also announced plans to build a new hotel near Epcot that will offer guests a unique and immersive experience.
In addition to the improvements at Epcot, Disney has also revealed plans for new attractions at its other theme parks in Florida. Magic Kingdom, Disney’s flagship park, will see the addition of new rides and shows that will bring beloved characters and stories to life in exciting new ways. Disney’s Hollywood Studios and Animal Kingdom will also receive new attractions and experiences that will further enhance the guest experience.
The $17 billion investment in Florida’s theme parks is a testament to Disney’s commitment to providing world-class entertainment for its guests. The company has a long history of creating magical experiences for visitors of all ages, and this latest investment is sure to further solidify Disney World’s reputation as a premier vacation destination.
In addition to the new attractions and experiences, the investment is also expected to create thousands of jobs in the local community. From construction workers to hospitality staff, the development of new attractions and enhancements at Disney World will provide a boost to the local economy and help support small businesses in the area.
Overall, Disney’s $17 billion investment in its Florida theme parks is an exciting development that is sure to thrill fans and visitors alike. With new attractions, experiences, and enhancements on the horizon, Disney World is poised to remain a top destination for families looking to create lasting memories for years to come.
