In a meeting tonight, the Central Florida Tourism Oversight District gave final approval to the new development agreement with Walt Disney World that will bring significant capital investments over the next 10 to 20 years.
What’s Happening:
- On May 29th, Walt Disney World and the CFTOD reached an initial agreement regarding the Resort’s planned development agreement.
- Final approval was given to the 15-year agreement at tonight’s CFTOD meeting after open comments from Board members, as well as Robert Earl, the Chairman of Earl Enterprises – the company that owns Planet Hollywood, Chicken Guy and Earl of Sandwich at Disney Springs – among other speakers.
- The five member Board of the CFTOD voted unanimously to approve the development agreement.
Here are some highlights of the agreement:
- As a result of the agreement, Walt Disney World will make significant capital investments in the development of its properties within the district, including up to $17 billion over the next 10 to 20 years.
- More specifically, Disney has committed to investing $8 billion into the Walt Disney World Resort in the next 10 years.
- The agreement is for a 15-year period.
- The District will ensure that taxpayer funds are used efficiently and effectively, demonstrating responsible stewardship of public resources. Both parties must mutually consent to any changes.
- 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.
- Walt Disney World has agreed to fund at least $10 million in attainable housing projects.
- CFTOD agrees 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.
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