The Central Florida Tourism Oversight District Board of Supervisors has given final approval for a Development Agreement with Walt Disney World. The Development Agreement creates a number of obligations for both Walt Disney World and the District. Here are the main points:
Disney World/CFTOD Development Agreement Highlights
- 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
- Option for 5th “gate” new theme park, not guaranteed (or likely)
- 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 the Comprehensive Plan, Land Development Regulations, and more
- The District acknowledges desired completion dates for a number of roadway projects, water management projects, and more (supplemental terms)
The approval of the Development Agreement represents a significant milestone in the new relationship between Disney World and the District. The CFTOD was birthed out of Florida Governor Ron DeSantis’ desire to punish Walt Disney World over Disney’s stance against the “Don’t Say Gay” bill. What followed was nothing less than a hostile takeover of the former Reedy Creek Improvement District. As a result, Disney and the District filed competing lawsuits, and resolution was being measured in years, not months or weeks.
Less than a month after DeSantis dropped out of the Presidential race, change was in the air at the District. In February, the District began holding closed-door meetings to discuss settlements with Disney. In March, the District Administrator and Chair of the Board of Supervisors stepped down from their positions. Just a couple weeks after the two top DeSantis lieutenants stepped down, a “win-win” settlement agreement was reached.
Now, both the District and Walt Disney World look to be ready to get back to the business of developing the most popular theme park destination in the world.
We’ve embedded the agreements below, but note that you might have to be on a desktop browser to view.
Development Agreement
Supplemental Terms
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