Details Released for Development Agreement Between Tourism Oversight District & Walt Disney World

    Following our report this morning about an agreement between the Central Florida Tourism Oversight District and Walt Disney World, more details are now available. The agreement, which was drafted by both parties, provides for some minimum investment amounts over the life of the 15-year agreement.

    “Upon board approval, the development agreement underscores CFTOD’s commitment to responsible oversight, public infrastructure, and long-term planning, ensuring taxpayer funds are used efficiently. With Walt Disney World’s substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefiting Central Florida’s community,” said District Administrator Stephanie Kopelousos.

    The proposed development agreement calls for an investment of $17 billion from Walt Disney World over the next 10-20 years. Disney is required to invest at least $8 billion within the first 10 years of the agreement.

    To further the District’s efforts to support local business, Walt Disney World has agreed to create a local business hiring program for all construction goods and services related to design, development, and construction. The program includes awarding a minimum of 50% of the value of all construction work to Florida-based businesses.

    Furthermore, Disney will fund a minimum of $10 million in attainable housing projects. Disney will provide annual reports on capital expenditure investments.

    CFTOD agreed to continue providing infrastructure to support the district’s growth and ensure landowners’ support the projects at an amount equal to their impact on the district.

    The District will continue to provide oversight for the use of taxpayer funds within the district. Both Disney and the District will need to agree to any changes to the development agreement.

    Walt Disney World has not responded to a request for comment.

    As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!

    Have a story tip? Contact us!

    BlogMickey.com Newsletter

    Stay up-to-date with the latest Disney news, right to your inbox!

    Kingdom Destinations Quote

    Vacation Planning Assistance

    We're excited to partner with Kingdom Destinations to help you plan your next trip to Disney parks and experiences around the world. Kingdom Destinations is a full service travel agency, specializing in Disney destinations. Fill out the form below to schedule a free consultation with one of their professional travel advisors today!

    1 COMMENT

    1. $8 billion in first 10 years is 4 times the Anaheim amount. It could fund a new theme park although it will add at least a new land in each park and a new hotel or new wings in existing properties. Sad for Anaheim, which needs at least $5 billion.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Articles