CFTOD Board Greenlights Historic Development Agreement
Agreement Propels Central Florida’s Economic Growth By Billions
Lake Buena Vista, FL., June 12, 2024 – The Central Florida Tourism Oversight District (CFTOD) Board of Supervisors approved a groundbreaking development agreement with Walt Disney Parks and Resorts, U.S., Inc. (WDWPR). This historic agreement underscores the District’s commitment to responsible oversight and economic growth in Central Florida.
Vice Chair Charbel Barakat said, “Approving this historic development agreement between the Central Florida Tourism Oversight District and Walt Disney Parks and Resorts, U.S., Inc., sets a solid foundation for long-term partnership and economic prosperity. Through responsible oversight and strategic planning, we are poised to unlock unprecedented opportunities for growth and collaboration in Central Florida.”
Key Highlights of the Agreement:
- Capital Investments: Walt Disney World (WDW) will make significant capital investments in developing its properties within the district, including up to $17 billion over the next 10 to 20 years.
- Duration: The agreement is for 15 years, solidifying a long-term partnership between CFTOD and WDW.
- Responsible Oversight: The District will ensure that taxpayer funds are used efficiently and effectively, demonstrating responsible stewardship of public resources. Any changes to the agreement will require mutual consent from both parties.
- Local Business Hiring Program: Walt Disney World has committed to creating a local business hiring program for all construction goods and services related to design, development, and construction. This program includes awarding a minimum of 50% of the value of all construction work to Florida-based businesses.
- Attainable Housing: Walt Disney World has agreed to fund at least $10 million in attainable housing projects, addressing a critical need within the community.
- Infrastructure Support: CFTOD agreed to continue providing the necessary infrastructure to support the district’s growth and ensure that landowners support the projects at an amount equal to their impact on the district.
Link to June 5, 2024 Board of Supervisors Meeting – First Hearing
Link to June 12, 2024 Board of Supervisors Meeting – Final Hearing