Walt Disney Parks and Resorts received the green light on $17 billion in development plans in and around Walt Disney World in Orange County, Fla,, garnering approval June 12 from the board of the Central Florida Tourism Oversight District (CFTOD) for its sprawling capital plan.
The development agreement was unanimously approved after a second reading June 12 by the CFTOD—formerly the Reedy Creek Improvement District—a local special taxing district that acts akin to a county government overseeing the 24,000-acre area covered by Disney property. The district ensures that it—and not local landowners—pay for municipal services like water, power and roads.
