Disney set to invest $17B in Florida parks following approval development plan
The first of two necessary votes on Disney's development occurred Wednesday
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The board of Walt Disney World’s special tax district in Florida all cast their initial votes in favor of an agreement that would allow major expansion at Disney’s theme parks in the Sunshine State.
The first vote on the new development agreement between the Central Florida Tourism Oversight District (CFTOD) and Disney occurred during the meeting that the district’s board of supervisors held on Wednesday morning. It was unanimous, according to the meeting’s livestream.
Disney "intends to make significant capital investments over an extended period of years" at its Florida complex "including up to $17 billion dollars over the next ten to twenty years," according to an agenda published by the CFTOD before the meeting.
The board of Walt Disney World’s special tax district in Florida all cast their initial votes in favor of an agreement that would allow major expansion at Disney’s theme parks in the Sunshine State on Wednesday. (Joe Raedle/Getty Images / Getty Images)
The agreement includes permission for an additional major theme park on Disney’s land if the entertainment giant wants to build it, among other things.
DISNEY, FLORIDA GOV. DESANTIS-BACKED BOARD REACH SETTLEMENT IN LAWSUIT
The board will cast their second and final votes on the development agreement, which also includes approval for Disney to potentially construct two minor parks and to boost its hotel and retail capacity, in a week.
Disney intends on directing at least $10 million toward "attainable housing projects" and will also "donate land for public infrastructure improvements" as part of the agreement, according to the agenda.
Disney "intends to make significant capital investments over an extended period of years" at its Florida complex. (Joe Raedle/Getty Images / Getty Images)
The 15-year development agreement "was negotiated in good faith and pursuant to" the settlement that the CFTOD and Disney reached in late March, the CFTOD board member leading the meeting said. That settlement stemmed from a legal conflict that arose out of a feud between the company and Florida Gov. Ron DeSantis.
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FOX Business reached out to Disney for comment on the CFTOD board’s Wednesday vote.
Disney intends on directing at least $10 million toward "attainable housing projects" and will also "donate land for public infrastructure improvements" as part of the agreement, according to the agenda. (Patrick T. Fallon/AFP via Getty Images / Getty Images)
Last month, Disney received final approval to move forward with a nearly $2 billion expansion plan for its theme park in California. The zoning changes that the entertainment giant received as part of that "DisneylandForward" proposal "would allow for the building of additional theme park and other visitor attractions" on existing Disney land there, the Anaheim City Council said at the time.
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Its domestic parks and experiences, which includes Disneyland, Disney World and certain other offerings, generated $5.96 billion in revenue and $1.61 billion in operating income in the second quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 112.42 | -1.13 | -1.00% |