Photo by Ryan Rudnansky
Disney is set to embark on a massive $1 billion expansion plan over the next decade after the Anaheim City Council voted to extend a ban on admission tax at Disneyland and Disney California Adventure.
According to the Orange County Register, the deal grants Disney a 30-year ban on ticket taxes in exchange for hefty spending on new attractions and expansion at its Anaheim parks, which in turn is expected to propel economic growth.
"What we're talking about is that next generation of economic growth for the city of Anaheim," said Councilwoman Kris Murray via the Register. "I think this will be remembered as a hallmark opportunity for economic development."
The exemption, first granted in 1996, was set to expire next summer.
The new deal requires Disney to begin construction on new rides, themed areas and other additions by the end of 2017 and complete the expansion within seven years.
If Disney fails to meet the requirements, the ban will expire.
Currently, Disney officials are still said to be considering potential new attractions and expansion details. However, the project is certain to include a 5,000-space parking structure.
"We applaud Anaheim's leaders for their continued foresight in ensuring the city remains a vibrant tourism destination by extending a proven policy that has created two decades of unprecedented economic and job growth," said Disneyland Resort president Michael Colglazier in a statement via the Register. "We are excited about what the future holds for Anaheim and the Disneyland Resort as we work together to ensure our city continues to thrive and grow."
Upon completion, the expansion project is expected to create 1,400 new jobs at Disneyland Resort as well as an additional $15 million in annual tax revenue for Anaheim, according to a KPMG report commissioned by Disney.
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