The Walt Disney Co. (NYSE:DIS) cleared a major hurdle in its proposed $1.9 billion expansion of Disneyland with the Anaheim City Council giving preliminary approval for its development plans.
KTLA reported the city council voted 7-0 in favor of the proposal early Wednesday morning after an eight-hour public hearing. A final council vote is slated for May 7.
Disney’s plan, called Disneyland Forward, is a 40-year agreement that would determine future developments within areas of the theme park resort that Disney owns. This would include the addition of new attractions, shops and restaurants.
“We are ready to bring the next level of immersive entertainment to Anaheim,” said Disneyland Resort President Ken Potrock during the city council meeting. “We are committed to starting right away.”
The company would also buy three local streets – Magic Way, Hotel Way and a part of Clementine Street – from the city for $40 million. A news release from the city welcomed that transaction, noting that Magic Way “overwhelmingly serves the Disneyland Hotel, Disney employee parking and the south end of the Pixar Pals Parking Structure.”
The city also pointed out the expansion plans include infrastructure upgrades around the resort that Disney will finance, including improvements to sewers and roads. around the resort area. The company also announced would allocate funds beyond Disneyland, including $30 million for affordable housing and $8 million for city parks and continuing workforce programs in Anaheim.
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