Florida’s tourism authority is preparing to adopt a new development agreement with the Walt Disney Co. that officials say will bring $17 billion in investment to Disney World over the next 10 to 20 years.
The district’s board of directors is scheduled to consider the plan on Wednesday and address a major point of contention between Gov. Ron DeSantis and Disney.
“Walt Disney World’s significant investment will benefit Central Florida communities through economic growth, job creation, support for local businesses, environmental protection and workforce housing initiatives,” Stephanie Kopelousos, administrator of the Central Florida Tourism Oversight District, said in a prepared statement.
In the 15-year agreement, Disney has committed to providing at least $10 million in funding for affordable housing projects and creating a local business jobs program that will award at least 50 percent of the value of all construction work to Florida-based companies.
District officials say the agreement will continue to provide infrastructure to support Disney’s growth. Any changes to the plan require the consent of both parties, the district said.
Disney is immediately He did not respond to a request for comment Wednesday.
The agreement covers about 17,300 acres of land owned by Disney, according to a legal announcement. The agreement would authorize the construction of up to five theme parks, one more than Disney currently operates in Central Florida. Company officials have not announced when the fifth park will be built.
It would also allow up to five smaller theme parks, including water parks, about 1.3 million square feet of office space, 1.7 million square feet of restaurant/retail space, and 53,467 hotel rooms.
The proposed plan comes after Disney and the District agreed in March to settle a state court lawsuit over development issues.
The settlement said development agreements and contracts approved by the pro-Disney board just before the state’s acquisition in February 2023 were invalid.
According to the settlement, the district agreed to “consult with Disney” as it reviews and revise its 2020 plan.
Disney recently announced it would invest $60 billion in cruise lines and theme parks around the world, stimulating speculation that the entertainment giant might be considering opening a fifth park in Orlando. Disney’s rival, Universal Orlando, is set to open a new park called Epic Universe in 2025.
After the reconciliation, the two sides indicated their willingness to cooperate towards economic development.
Richard Fogleson, a professor at Rollins College and author of “Married to the Mouse,” a book about the origins of Disney World, said the proposed plan seems like a positive for Central Florida.
“CFTOD may be occurring. [Central Florida Tourism Oversight District] “They’re starting to do what they’re supposed to do, which is build something, instead of just complaining,” he said. “And Central Florida will be better off.”
State Sen. Linda Stewart, a critic of the district, said concerns have subsided recently and that the development agreement appears to be another sign of improving relations between Disney and state officials.
“Things are running a little smoother over there,” the Orlando Democrat said. “The board isn’t just making all these decisions on their own without consulting each other. That’s not the case now. They’re working together a lot more.”
The Central Florida Tourism Oversight District has played a starring role in the nationally-watched battle between DeSantis and Disney. Formerly known as the Reedy Creek Improvement District, Disney has used the district for decades to effectively govern its theme parks and resorts in Central Florida. A 1967 arrangement gave Disney the ability to elect and control the district’s five-member board of directors.
The feud between Disney and DeSantis began in 2022 when the company opposed what it described as a “no gay” law that would limit the teaching of classes on gender identity and sexual orientation.
DeSantis has denounced Disney as a “woke” company and vowed to end the “special privileges” the company enjoys in Florida. Disney has vowed to work to overturn the law and has suspended political contributions in the state.
Last year, the state Legislature reversed that arrangement, giving the governor the power to appoint the district’s board members. In February 2023, Gov. DeSantis replaced the board’s Disney supporters with Republicans.
When new board members aligned with DeSantis took office, they discovered their predecessors had approved agreements and contracts that limited the new board’s development power, sparking a power struggle that led to a lawsuit seeking to undo the agreements.
A separate lawsuit filed by Disney against Governor DeSantis and state officials is pending in federal court, and Disney has asked the appeals court to stay that case to “further expedite” negotiations.
The deadline for submitting opening statements has been extended from April 17 to June 17.
