Disney is set to invest $17 billion in its Florida theme parks after striking a development agreement with the state-run board that oversees its special district.
The Central Florida Tourism Oversight District board, comprised of Gov. Ron DeSantis appointees, gave a unanimous final approval to a 15-year plan that clears the way for the company to expand its Disney World resort.
As part of the agreement, Disney will spend at least $8 billion during the first 10 years and up to $17 billion over the next 10 to 20 years. The company also agreed to put $10 million toward attainable housing and to use Florida business for at least 50% of the construction work tied to its expansions.
“Walt Disney World is inextricably intertwined in the fabric of the state of Florida, and the success of Walt Disney World is the success of Central Florida,” board member Brian Aungst Jr. said during the Wednesday meeting. “I was always extremely optimistic and knew that we would get here because it’s the right outcome.”
The plan also allows Disney to have five major theme parks and five minor theme parks. Currently, Disney World is comprised of four theme parks—Magic Kingdom, EPCOT, Disney’s Hollywood Studios and Disney’s Animal Kingdom—and two water parks.
Disney has not announced any plans to build a fifth theme park.
The agreement marks the end of a years-long feud between Disney and DeSantis, which sparked in 2022 when the company opposed the state’s Parental Rights in Education legislation—the so-called “Don’t Say Gay” bill—which banned instruction on sexual orientation and gender identity in schools.
During the public spat, DeSantis took control of Disney’s special district, known at the time as the Reedy Creek Improvement District, renamed it and appointed five members to the board.
Both sides have since dropped various lawsuits filed against one another during the fight.
