It seems like it wasn’t so long ago that The Walt Disney Company and the State of Florida were at odds with each other.
However, recent signs are pointing to both entities moving past their differences and working together after Disney reached a settlement with the Central Florida Tourism Oversight District, and a federal lawsuit against the state was suspended as part of the settlement agreement. Now, Disney looks to be moving forward with some new plans for its property in Orlando.
According to The Orlando Sentinel, the Central Florida Tourism Oversight District is considering a development agreement with Disney that could result in the company spending up to $17 billion on Disney World over the next 10 to 20 years. This new investment is expected to bring economic growth, jobs, support for local businesses, and more to Central Florida.
Disney also pledged to fund at least $10 million to create affordable housing, as well as award at least half of its construction work to businesses based in Florida. In return, the Central Florida Tourism Oversight District has agreed to provide infrastructure to support these new projects. Any changes to the plan would need to have consent from both parties.
Perhaps the most interesting thing in this new agreement is that it covers all acreage owned by Disney and authorizes a maximum of five major theme parks. Yes, you read that right: FIVE theme parks. Disney has not revealed any plans to build a fifth theme park, but speculation about a fifth park has run rampant, especially with Universal Orlando opening its third theme park, Epic Universe, in 2025.
The new agreement also allows for a maximum of five minor theme parks (like water parks), almost 1.3 million square feet of office space, 1.7 million square feet of restaurant and retail space, and 53,467 hotel rooms.
Disney has previously announced that it would spend $60 billion on its theme parks and cruise lines around the world. In Disney World, that includes an expansion to Magic Kingdom, as well as a re-theme of DinoLand, U.S.A. in Disney’s Animal Kingdom. If Disney plans on building a fifth theme park in Florida with some of that money, it hasn’t yet revealed such an intention.
This new development agreement comes after a multi-year feud between Disney and Florida Governor Ron DeSantis that began when Disney opposed Florida’s Parental Rights in Education bill, also known as the “Don’t Say Gay” bill that eventually became law in the state. DeSantis responded by replacing Disney’s own Reedy Creek board which had been governing the land owned by Disney World since 1967 with a board he appointed, the Central Florida Tourism Oversight District.
This resulted in a power struggle between The Walt Disney Company and the state of Florida, which ended with the settlement of one of the lawsuits Disney had brought against the state. Another federal lawsuit is pending, but Disney recently asked an Appeals Court for a delay to give the two parties time to continue negotiations.
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Remember Disney funds the CFTOB and thus pays all its expenses. The CFTOB does not own any part of the lands or infrastructure. If it offers to provide infrastructure (such as roads), the construction will be paid by Disney.
The CFTOB is similar to a school district or county. Your house is in the district but the district does not own your house or oroperty. If you build something on your property, the district permits it but you pay for it.
Imagine your school district’s board, instead of consisting of locally elected members, consists of state-appointed members who are not from the district.