Following our reporting of the existence of a development agreement, and then the details of the development agreement, the Central Florida Tourism Oversight District has released the development agreement that Board of Supervisors members will discuss at this Wednesday’s meeting.
As a brief background, the proposed development agreement below is the result of a “win-win” settlement between the CFTOD and Walt Disney World, where both parties agreed to drop lawsuits and work together on crafting agreements that outline the scope of construction at Walt Disney World over the next year.
Highlights of the agreement include:
- Development agreement term of 15 years
- Agreement by Walt Disney World to invest up to $17 billion over the next 10-20 years
- Guaranteed minimum capital expenditures investment of $8 billion within the first 10 years of the agreement (supplemental terms)
- Disney agrees to use Florida businesses for at least 50% of capital expenditure project costs (supplemental terms)
- Disney agrees to fund $10 million toward attainable housing (supplemental terms)
- Rolls back Comprehensive Plan to 2020 version, reimplements 2020 Comprehensive Plan
- Reaffirms 2020 Comprehensive Plan development densities
- District agrees to update Comprehensive Plan by Q3 2025
- New Comprehensive Plan boosts minimum new office space by at least 200,000 square feet
- Disney and District memorialize good faith efforts to update Comprehensive Plan, Land Development Regulations, and more
- District acknowledges desired completion dates for a number of roadway projects, water management projects, and more (supplemental terms)
We’ve embedded the agreements below, but note that you might have to be on a desktop browser to view.
Development Agreement
Supplemental Terms
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!