If approved, the agreement would be a major thaw in relations between Disney and the tourism board, which the administration of Gov. Ron DeSantis effectively commandeered from Disney in 2023. DeSantis appointed five people to the tourism board, but two have since left their positions.

As now written, the agreement would allow Disney to spend $17 billion to further develop Walt Disney World over the next 10 to 20 years, according to a statement from the tourism board.

“With Walt Disney World’s substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefiting Central Florida’s community,” District Administrator Stephanie Kopelousos said in a statement to Business Insider.

The tourism board said the agreement would require Disney to find local contractors for any construction and award a minimum of 50% of all construction work to Florida-based businesses. It also requires Disney to fund “attainable” housing projects.

Disney officials haven’t detailed how the billions would be spent, but an industry insider told the Orlando Sentinel that a fifth theme park could join its roster of existing properties.

Magic Kingdom opened to the public in 1971, followed by Epcot in 1982, Disney’s Hollywood Studios in 1989, and Animal Kingdom in 1998.

Disney CEO Bob Iger skirted a question about a new Florida theme park during an earnings call in February, according to the Sentinel.

“We’re already hard at work at basically determining where we’re going to place our new investments and what they will be,” Iger said. “You can pretty much conclude that they’ll be all over, meaning every single one of our locations will be the beneficiary of increased investment.”

Representatives for The Walt Disney Co. and Walt Disney World did not respond to a request for comment from Business Insider.

DeSantis vs. Disney

The pending development agreement between the tourism board and Disney comes after a contentious legal battle — initiated by DeSantis — that began in April 2022.

The legal battle began when Disney publicly opposed DeSantis’s so-called “Don’t Say Gay” bill. DeSantis lashed out at the entertainment conglomerate and attempted to upend a long-standing arrangement that allowed Disney to self-govern through its Reedy Creek Improvement District.

DeSantis gained control of the Reedy Creek Improvement District in February 2023. His administration renamed it the Central Florida Tourism Oversight District and DeSantis appointed its board supervisors, effectively removing Disney’s autonomy over development in the area.

The former Reedy Creek Improvement District board members tried to push through a development deal before they were ousted. But after a series of court battles, Disney and the new tourism board finally reached a settlement in March.

That settlement nullified the last-minute deal the former Reedy Creek board members pushed through. The settlement then suggested Disney and the new board work together on a new development deal.