Tourism oversight board backs $17B Disney World development plan
Florida’s tourism oversight district gave initial approval Wednesday to a proposed $17 billion Walt Disney World development plan, opening the door to a potential fifth theme park.
The Central Florida Tourism Oversight District’s board voted unanimously for the 15-year agreement, which outlines how Disney World will grow in the future. It will need a final vote on June 12 to take effect.
“The development agreement will enable us to continue to invest significantly in the district,” said Woody Rodriguez, director of external affairs for Disney Parks, Experiences and Products.
Disney officials haven’t provided specifics on what is in the works, but the company says in the proposal it will invest up to $17 billion over the next 10 to 20 years. The agreement includes a commitment of $8 billion during the first 10 years.
District officials are committing to fund road and other infrastructure projects to support the new development.
In the deal, Disney also agrees to provide $10 million for affordable housing projects and a “buy local initiative” with at least half of construction goods and services going to Florida businesses.