Disney World Florida: The company is preparing to invest $17 billion in Florida parks after approval of the development agreement, a potential fifth park

Disney and Florida Gov. Ron DeSantis have formally approved an agreement that could see the company invest $17 billion in its Florida properties, as well as a potential fifth major theme park.

This news comes two months after the two parties agreed to end their long legal battle, which focused on oversight of the Disney World area, which provides municipal services such as firefighting, emergency medical services, law enforcement services, environmental protection, and public facilities.

DeSantis-appointed supervisors of the Central Florida Tourism and Control District — formerly the Reedy Creek Improvement District — are one step closer to cementing a final agreement with Walt Disney Parks and Resorts USA, after the appointees voted unanimously Wednesday to accept proposed revisions and approve the development agreement. New.

FILE – Cinderella Castle is seen at the Magic Kingdom at Walt Disney World, on July 14, 2023, in Lake Buena Vista, Florida.

AP Photo/John Rao, file

The two sides had agreed to negotiate this new agreement after the March settlement, which ended the lawsuits filed by the state court against each other, according to what Reuters reported. Associated Press.

Final action on the development agreement with Walt Disney Parks and Resorts will be taken at another general board meeting on June 12.

during Live broadcast At the board’s first of two public hearings on the agreement on Wednesday, Katherine Lutzow, the district’s director of planning and engineering, highlighted details of the 15-year development agreement, which covers nearly 17,000 acres of land within the district currently owned by Walt Disney Parks & Parks. Resorts and its subsidiaries.

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“Disney is currently planning capital investments of up to $17 billion within the region over the next 10 to 20 years, with a commitment of $8 billion in the next 10 years,” she said. “There are allocations for local initiatives, including at least 50% of goods and services related to design, development and construction, to be retained with Florida companies. There is $10 million going to achievable housing projects, and there are allocations for land, in addition to land.” wetlands and endangered species mitigation credits donated to the area.”

Central Florida Tourism Control District board members welcomed public comment from two small business owners who operate at Disney Springs, who urged the board to approve the new deal.

Luetzow said their staff reviewed this agreement and recommended the board review and approve this development agreement.

Members of the Central Florida Tourism and Control District Board of Directors welcomed public comments from two small business owners who operate several food establishments at Disney Springs. They 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 area.

Woody Rodriguez, director of external affairs for Disney Parks, spoke at the meeting and thanked the board of directors for considering the agreement.

“A special thank you to your district director who has certainly hit the ground running,” Rodriguez said. “The development agreement will enable us to continue to invest significantly in the area to the benefit of all parties. We hope the board will vote to approve it at the next public hearing. Thank you.”

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