The Central Florida Tourism Oversight District (CFTOD) has given initial approval for the Walt Disney World development agreement that the two parties created following the settlement of their lawsuits against each other.

Walt Disney World Development Agreement Gets Initial Approval

During a meeting on June 5, CFTOD board members reviewed a draft of the agreement attached to Disney’s plan to invest $17 billion in Florida. The board voted unanimously in favor of the 15-year agreement, according to the Orlando Sentinel. A final vote will take place on June 12 in order for the agreement to fully take effect.

The development agreement will enable us to continue to invest significantly in the district.

Woody Rodriguez, director of external affairs for Disney Parks, Experiences and Products

According to the plan, Disney must invest at least $17 billion into development in the District within the next 10-20 years, with a guaranteed spend of at least $8 billion in the first decade. Disney will also fund a minimum of $10 million toward attainable housing, and hire Florida businesses for at least 50 percent of the value of all construction work. The agreement covers nearly 17,300 acres owned by Disney.

The agreement also allows for a maximum of five “minor theme parks,” per the Sentinel. Walt Disney World has not announced that a fifth gate is in development.

This agreement comes after Disney and the CFTOD reached a settlement in their state lawsuit regarding previous development agreements that Disney had in place with the former Reedy Creek Improvement District.

We’re heading toward a brand new day, and I think we’re all very excited about where this is going for the employees and residents of the ditsrict and business people and really just for the people of Central Florida.

Charbel Barakat, acting chairman of the Central Florida Tourism Oversight District board

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