Disney and Central Florida Tourism Oversight District Propose 15-Year Development Agreement

Jun 04, 2024 in "Reedy Creek Improvement District"

Posted: Tuesday June 4, 2024 7:30am ET by WDWMAGIC Staff

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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    MR.Dis1 day ago

    To give an example, I am retired from JP Morgan Chase, the provider of Disney Visa charge cards. I was eligible to purchase WDW and Disneyland tickets thru a portal for 20% off the rack rate. I do not know if that is still the case. While I was an annual pass holder purchasing thru DVC, I would purchase tickets for my kids when they visited WDW with their families. It was a significant savings.

    flyakite1 day ago

    Should anyone be interested and would like to attend:

    michmousefan14 days ago

    cranbiz15 days ago

    Not really a distortion of facts. Yes, RCID was a legally a separate entity from TWDC. In reality, it was controlled by WDW, which is why DeSantis had a hard on for getting revenge on TWDC for "don't say gay" and other woke policies by trying to revoke the district. He couldn't do that for many reasons so he got the law changed to appoint his own governing board. As we know, that really did fail miserably and there is now a board that is not antagonistic towards Disney. There is a charge for those benefits to the third party entities in some way, shape or form. WDW doesn't give anything away for free. RCID (and many third party operating participants) pay for those benefits (usually at a very reduced rate). So, in the case of RCID, Disney paid for those benefits through it's tax assessments because RCID has no income of it's own except for income received from it's taxpayers (of which TWDC is it's largest and majority taxpayer). So, what I said was true. WDW paid for the benefits granted by RCID to it's employees and RCID, by granting those benefits paid WDW back for them. This keeps everything legal. Yes, CFTOD wanted to stick it to Disney by refusing to pay WDW for those benefits, which in turn stuck it to the employees. RCID and CFTOD employees were never WDW Cast Members, they were employees of RCID or are/were employees of CFTOD.

    LAKid5315 days ago

    It takes little time to release a completed report. Unless that report didn't say exactly what you wanted it to say....

    LAKid5315 days ago

    Governor's office receives a FOIA (govt in the Sunshine) request... "What's sunshine?" 🙄

    LAKid5315 days ago

    🤫

    LAKid5315 days ago

    Florida statute says state records are open to the public. It doesn't say how quickly agencies have to provide the info. When I worked for various state agencies, we tried getting the requested info as quickly as possible. If it was a state legislator or governor's office, yesterday wasn't fast enough. 😉

    LAKid5315 days ago

    Bingo

    Chi8415 days ago

    So they had to ferret it out as opposed to the government releasing it to the news agencies. That’s understandable. Those requests can take a surprisingly long time to fulfill.

    Stripes15 days ago

    WKMG submitted a public records request. That request was just recently fulfilled and the document released. WKMG hasn’t said when they submitted the request.

    Unbanshee15 days ago

    Lol, you must be new here. The state doesn't like to "live in the sunshine" when it comes to matters that the esteemed governor finds personally difficult

    Chi8415 days ago

    The memo is dated June 21. Reporting on it the day after Christmas seems to be the definition of “old news.” Although it could be that Florida dragged its feet releasing it for some reason.

    TiggerDad15 days ago

    When you want to bury a story, you release it at Christmas when no one is paying attention to the news.