After a legal mess with Florida Governor Ron DeSantis, who pushed to dissolve the Reedy Creek District and replace it with a governing body, Disney is now working with the new Central Florida Tourism Oversight District (CFTOD) to improve the district’s overall state.
A new development agreement between the Walt Disney Company and the DeSantis back district will allow Disney to invest upwards of $17 Billion over the next 10 – 20 years. However, Disney must invest at least $8 billion within the first ten years.
Disney also promises to spend at least $10 million on affordable housing in the area.
In a recent meeting this past Wednesday, board administrator Stephanie Kopelousos made the following statement:
“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.“
In the agreement, Disney also pledges to fund at least $10 Million in affordable housing projects and will help create a local business hiring program that will award all construction work 50% of the value to Florida-based businesses.
The agreement covers roughly 17,300 acres owned by the Walt Disney Company. It specifically allows for a maximum of five major theme parks. There are currently only four, which means that Disney may currently, or will soon be, working on a potential fifth gate for its Orlando resort.
The plan also allows for a total of five minor parks. While Blizzard Beach and Typhoon Lagoon qualify as minor parks, an additional three minor parks could possibly be made within this time frame. That is unless Disney Springs qualifies as a minor park, thus leaving only two free spaces.
While both parties may still have grievances, it is productive to see them working together to improve the district. But if Disney wants to compete with Universal and their new Epic Universe park, they should consider expanding with additional parks as quickly as possible.
Sources: GazetteXtra, Orlando Sentinel
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