Avril Elfi from OAN
Wednesday, June 5, 2024 12:57 PM
The Central Florida Tourism Oversight District Board has given initial approval to the proposed $17 billion Disney World development.
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The board on Wednesday unanimously passed the 15-year agreement, created to boost Disney World’s potential by adding a fifth theme park, with a final vote due June 12.Number To be effective.
“The development agreement allows us to continue to invest significantly in the area,” said Woody Rodriguez, director of external relations for Disney Parks, Experiences and Products.
Disney claims in its proposal that it will invest up to $17 billion over the next 10 to 20 years, but has not provided details about the plans it has in the works, with $8 billion to be invested in the first 10 years of the deal.
To support new development, district officials have pledged to fund roads and other infrastructure projects.
Disney has also committed to spending $10 million on affordable housing projects and “local sourcing initiatives,” with at least half of the materials and labor used in construction expected to come from Florida-based companies.
The agreement covers about 17,300 acres of land owned by Disney and authorizes the construction of up to five theme parks, one more than the one currently operating, according to a legal announcement, though company officials have not yet announced which fifth park will be built.
The deal also includes up to five smaller theme parks, including a water park, about 1.3 million square feet of office space, 1.7 million square feet of restaurant and retail space and 53,467 hotel rooms.
Florida Gov. Ron DeSantis (R-Fla.) previously said he took control of the district and appointed a new board of oversight through legislation passed by the Republican-controlled Florida Legislature. post.
“Reedy Creek” was also later renamed the Central Florida Tourism Supervision District by lawmakers.
Disney and a zoning board appointed by Governor DeSantis reached a settlement in state court in March over the development agreement. Disney has filed a federal lawsuit, which is still ongoing. District officials are scheduled to address the lawsuit on June 12.Number.
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