The Disneyland Resort and the city of Anaheim presented a new development agreement to the city council on Tuesday, as part of the DisneylandForward project, saying the entertainment company plans to invest a minimum of $1.9 billion in the city during the first ten years of development if approved.
The DisneylandForward expansion could add new theme parks, hotels, dining and parking within the 500-acre resort owned by Burbank-based Walt Disney Co. (NYSE: DIS) over the next 40 years.
Anaheim officials estimate that the investment could reach beyond the minimum to $2.5 billion in the next decade. If it doesn’t, Disney would pay an additional $5 million for street and transportation improvements.
Representatives said the $1.9 billion minimum commitment would include visitor attractions and lodging. Disney would also pay up to $90 million in street improvements, $8 million for public park updates and $30 million for affordable housing, according to the priorities outlined in the agreement. It updates and extends the previous 1996 agreement through 2064.
Prior investments made by Disney on terms from 1996 resulted in the California Adventure park and the Downtown Disney shopping district. More recent billion-dollar projects include Star Wars: Galaxy’s Edge and Avenger’s Campus which opened in 2019 and 2021, respectively.
Voting on the project is expected to begin at a planning commission hearing in March. Disneyland is Orange County’s largest employer with about 35,000 employees, as well as the main driver for OC’s tourism industry.
