The Central Florida Tourism Oversight District has given initial approval to a development agreement with Walt Disney World for a $17 billion investment plan over the next 10 to 20 years, involving expansions to theme parks, hotels, and retail spaces, and including commitments to Florida-based businesses, public infrastructure, and attainable housing projects.

The Central Florida Tourism Oversight District (CFTOD) has given initial approval to a development agreement with Walt Disney World, paving the way for a $17 billion investment over the next 10 to 20 years.

The board, appointed by Gov. Ron DeSantis, voted unanimously on Wednesday to advance the plan, with a final vote scheduled for June 12.

Under the terms of the agreement, Disney will invest at least $8 billion in the first decade. The plan includes the potential construction of up to five minor theme parks and significant expansions in hotels and retail spaces across nearly 17,300 acres owned by Disney.

Key components of the agreement include Disney’s commitment to direct at least 50 percent of the project budget to Florida-based businesses. Moreover, the company will also donate up to 100 acres of land for public infrastructure projects such as roadways, water systems, and sewer systems, along with providing mitigation credits for wetlands and endangered species.

Disney also has pledged $10 million over ten years to support attainable housing projects, alongside several major infrastructure initiatives, including the construction of a four-lane roadway on World Drive North, the widening of Western Way and Buena Vista Drive, intersection improvements, and the addition of dedicated bus lanes on Buena Vista Drive.