The Central Florida Tourism Oversight District (CFTOD) and Walt Disney Parks and Resorts U.S., Inc. (WDPR) have proposed a 15-year development agreement, which outlines significant investments and commitments aimed at enhancing public infrastructure and supporting economic growth in the Central Florida area.
On March 27, 2024, the CFTOD and WDPR entered into a settlement agreement. Both parties committed to negotiating a new development agreement with a term of 15 years that includes conditions and terms that both parties have negotiated. The agreement is currently under consideration and will be discussed at this week's CFTOD board meeting.
Key Aspects of the Proposed Agreement
Substantial Capital Investment
Disney has pledged to invest up to $17 billion over the next 10 to 20 years, with an initial $8 billion allocated for the first decade. These funds will be used for infrastructure improvements, new construction projects, and technology enhancements. This significant capital investment is expected to benefit the Central Florida economy by creating new jobs and generating additional state and local revenues.
Local Economic Impact
Disney's "Buy Local" initiative will ensure that at least 50% of the project spending is directed toward Florida-based businesses. This is expected to create job opportunities and support local enterprises.
Public Infrastructure Contributions
Disney will donate up to 100 acres of land necessary for public infrastructure projects, including roadways, water systems, and sewer systems. Additionally, Disney will provide wetland mitigation and endangered species mitigation credits needed for these developments.
Public Services and Facilities
The CFTOD will be responsible for providing the public services and facilities needed to support Disney's investment. This includes updating the Comprehensive Plan by the third quarter of 2025 to accommodate new development projects. This update is essential to ensure the necessary infrastructure and public services are in place to support Disney's expansion.
Housing Initiatives
Disney has committed $10 million over ten years to support attainable housing projects. This funding will go toward construction costs for new housing or contributions to local affordable housing trust funds.
Infrastructure Projects
The agreement specifies several key infrastructure projects to be completed over the next five years:
- World Drive North Phase 3: Construction of a four-lane divided roadway extending to Floridian Place, expected to be completed by 2026.
- Western Way and Buena Vista Drive Widening: Expanding from four to six lanes, including intersection improvements, with a completion target of 2031.
- Buena Vista Drive Intersection Improvements: Enhancements aimed at reducing congestion are expected to be completed by 2030.
- Buena Vista Drive Dedicated Bus Lanes: The addition of bus lanes to improve transportation efficiency is targeted for completion by 2032.
Building Heights and Compliance
Building heights within the district will be controlled and approved by Disney, in accordance with the EPCOT Building Code and Federal Aviation Administration (FAA) standards. This measure is intended to preserve the thematic integrity of Disney's attractions.
Annual Reporting and Compliance
Disney will provide annual reports to the CFTOD to ensure compliance with the agreement's terms. After the first ten years, an independent auditor will verify the capital investment.
Public Hearing and Approval Process
A public hearing on the proposed agreement is scheduled for June 5, 2024, where the Board will consider the first reading of the Chapter 163 Developer's Agreement. If approved, a second and final public hearing is set for June 12, 2024, at 7:30 PM at 1900 Hotel Plaza Blvd., Lake Buena Vista, Florida 32830. This final hearing will be crucial for the formal approval of the development agreement.
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