Walt Disney World and the Central Florida Tourism Oversight District have reached a new development agreement, with significant capital investments planned for the next 10 to 20 years.
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.
What They’re Saying:
- District Administrator Stephanie Kopelousos: “Upon board approval, the development agreement underscores CFTOD’s commitment to responsible oversight, public infrastructure, and long-term planning, ensuring taxpayer funds are used efficiently. With Walt Disney World’s substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefitting Central Florida’s community.”
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