All articles tagged with #development agreement
Disney and Florida are negotiating a new development agreement that includes a $17 billion investment over the next 10-20 years, potentially adding a fifth park at Walt Disney World. The deal requires Disney to invest at least $8 billion in the first decade and allows for additional office space development. This agreement replaces a previous 30-year deal and comes amid competition from Universal Studios' upcoming Epic Universe expansion.
Walt Disney World and the Central Florida Tourism Oversight District have reached a 15-year development agreement, with Disney committing to invest $17 billion in property development and local business hiring, including $10 million for attainable housing projects. The District will oversee taxpayer fund usage and infrastructure support, ensuring responsible oversight and economic growth.
Disney has proposed a $1.9 billion investment into the Disneyland Resort over the next few decades, with additional funds for housing, parks, and road improvements in Anaheim. The proposal, called DisneylandForward, offers flexibility for Disney to expand within its existing footprint, with guarantees of $30 million for affordable housing and $8 million for parks. The development agreement would last until 2064, with an estimated total spending of $2.5 billion. The City Council is expected to vote on the proposal by spring.
Disney plans to invest millions of dollars in Anaheim for housing, parks, and street improvements as part of a proposed development agreement, which includes a 28-year extension. The Disneyland Forward project aims to update and expand the theme park with new attractions, shops, and restaurants, potentially including areas based on "Tangled," "Zootopia," "Tron," "Peter Pan," and "Toy Story." If approved, the expansion would allow for more immersive experiences at the resort, with hearings scheduled for March and a City Council vote in May.
Disneyland proposes a $2 billion-plus development agreement with the City of Anaheim as part of its DisneylandForward plan, seeking approval to update land use agreements and build attractions and hotels on land currently designated for parking and other uses. The proposed agreement includes commitments to spend on new attractions, entertainment, lodging, street improvements, affordable housing projects, and infrastructure improvements, as well as support for worker education and development programs. Additionally, Disney plans to build pedestrian bridges to provide access to new attractions and businesses while avoiding street-level crossings. If approved, the plan could go up for a preliminary City Council vote in April, with potential final approval in May.
The Central Florida Tourism Oversight Board has voted unanimously to sue Walt Disney World in state court, following the company's own lawsuit against Governor Ron DeSantis and the board. The feud began when Disney opposed legislation banning the discussion of gender identity and sexual orientation in classrooms, prompting DeSantis to pass a bill giving him the power to appoint a new board. The board's lawsuit will be filed in state court in central Florida, and is in response to the board's decision to invalidate a development agreement previously agreed to by the previous board.
A board appointed by Florida Governor Ron DeSantis to oversee government services at Disney World has asked lawyers to prepare a resolution to "void" a recent development agreement and restrictive covenants that give Disney vast control over expansion at the resort complex for decades to come. The board also vowed to increase taxes on Disney to help pay for a legal battle, fired planning board officials and appointed themselves to replace them, and began to explore the possibility of building low-income housing on land abutting the resort. The tax district has been a crucial tool for Disney in developing the resort, which includes four theme parks, two water parks, and 18 Disney-owned hotels.
Attorneys for Florida Governor Ron DeSantis' tourism oversight board have claimed that Disney's agreements to preserve its power over development in Central Florida violated state law, rendering them null and void. The board of supervisors overseeing the special taxing district that covers Disney World has asked staff for a resolution they plan to consider on April 26 voiding the agreements. This could set off a legal dispute and open another front in DeSantis’ battle with Disney.
Florida Governor Ron DeSantis has announced plans to nullify a development agreement with Walt Disney World that would allow the amusement park to bypass state oversight. DeSantis is also considering developing land next to the park, which could include building a state prison. The feud between DeSantis and Disney began in March 2022 when former Disney CEO Bob Chapek opposed legislation championed by DeSantis that aimed to ban the teaching of gender identity and sexual orientation in classrooms up to third grade. DeSantis claims the development agreement has legal "infirmities" and will ask the legislature to pass a bill to invalidate it.
Florida Governor Ron DeSantis announced a new bill that would nullify Walt Disney Co's effort to bypass state oversight of Walt Disney World. The bill would return control of the special district that is home to Disney World to a state oversight board run by the governor's appointees. DeSantis and the Florida legislature have been working to eliminate the virtual autonomy the company enjoyed over Disney World for more than 50 years, saying that constitutes an "unfair advantage." Disney shares were off about 0.2% at $99.68.
Disney has gained enormous control over the development of its resort property in Florida after the Reedy Creek Improvement District's board of supervisors unanimously approved a developer's agreement and a declaration of restrictive covenants. The move came on the same day that Florida lawmakers were meeting to consider a bill that would replace the Disney-controlled board with a panel appointed by Governor Ron DeSantis. The governor signed the bill more than two weeks later, but his appointees on the new board only recently learned about Disney's last-minute agreements with the former board.
Disney World has been accused of evading Florida Governor Ron DeSantis' year-long effort to restrict the company's autonomy. In February, Disney pushed through a development agreement that would limit the power of the governor's new oversight board for decades to come. The new board, which was appointed by DeSantis, has only recently discovered the action and is now seeking to correct it. The agreement is effective for perpetuity and uses contractual language known as a "royal lives" clause. The new board has hired four law firms to scrutinize the matter and potentially take Disney to court.
Disney used a legal clause that name checks King Charles III to apparently thwart Florida Gov. Ron DeSantis' attempt to strip the company of its self-governance power in the state. On Feb. 8, the day before the Florida House voted to put DeSantis in charge, the previous Disney-allied board signed a long-lasting development agreement that drastically limits the control that can be exercised over the company and its district. The agreement includes a royal clause that dates back to 1692 in Britain and would extend its term limit for decades.
Members of the board appointed by Gov. Ron DeSantis to oversee Disney World have been stripped of their governing powers due to a restrictive development agreement signed by their predecessors just before the change of hands. The agreement gave Disney maximum authority to develop the 27,000 acres that make up the theme park for decades into the future. The board plans to take legal action to invalidate the agreement, which allows Disney to build within the district without restrictions and the right to sell developmental rights to other landowners without the new board’s input or approval.
Board members appointed by Florida Governor Ron DeSantis to oversee Walt Disney World's governance claim that their Disney-controlled predecessors passed restrictive covenants that strip the new board of many of its powers. The current supervisors of the Central Florida Tourism Oversight District said their predecessors signed a development agreement with Disney that gave the company maximum developmental power over the theme park resort's 27,000 acres in central Florida. Separately, Disney World service workers are voting on whether to accept a union contract offer that would raise the starting minimum wage to $18 an hour by the end of the year.