LAKE  BUENA VISTA, Fla. — In a unanimous vote, the Central Florida Tourism Oversight District board on Wednesday gave final approval to a major development agreement with Walt Disney Parks and Resorts, backing the company's plans to spend up to $17 billion in development projects over the next 10 to 20 years.

What You Need To Know

  • Disney and the Central Florida Tourism Oversight District agreed to a $17 billion development plan covering the next 10 to 20 years

  • Disney got approval to use more than 17,000 acres of land to develop anything from hotels, restaurants, retail shops and the potential of new theme parks

  • The agreement requires Disney to award 50% of construction goods and services related to design, development and construction of its projects to Florida-based businesses

The plan calls for Disney to use about 17,000 acres of land that does not belong to the CFTOD to develop anything from retail to restaurants, hotels — maybe even theme parks. Disney did not say what its latest development proposal includes.

But a comprehensive plan filed in 2022 for the then-Reedy Creek Improvement District that covers through 2032 allows for the addition of one major theme park and two minor theme parks before 2032.

The agreement received praise from many local business owners, residents and officials from the hospitality industry regarding the major impacts the new developments would have on Central Florida.

“With nearly 40% of our local workforce within the hospitality industry, Disney’s commitment to making an investment of up to $17 billion over the next 10 to 20 years will positively impact our industry and our region with increased visitors and additional opportunities for businesses to grow and grow their small businesses," said Robert Agrusa, the president and chief executive officer of the Central Florida Hotel and Lodging Association.

Board officials said they believe the agreement and Disney's developments will continue to drive the growth in tourism and in Central Florida overall.

Disney's development plans are expected to create jobs outside of the tourism and hospitality industry, too. Part of the agreement requires Disney to award a minimum of 50% of construction goods and services related to the design, development and construction of its projects to Florida-based businesses.

It also calls for Disney to spend at least $10 million on "attainable" housing for its workforce.

"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 and vice versa," CFTOD board member Brian Aungst Jr. said. "And this agreement provides a lasting, sustainable, and prosperous future for the district, and for the people of the state of Florida, and for the Walt Disney Company."