Disney investing $864 million for new Florida campus with more than $570 million that could come back to Disney over two decades in the form of tax breaks. Disney applied for the credit and was approved in February of last year. They will see the return from Florida’s Capital Investment Tax Credit program. So now we know this move from California was years in the making. In case you are wondering how all this info was collected, The Orlando Sentinel requested and received data from the State Department of Economic Opportunity.
“Taxpayer intends to establish a regional campus that will take this international enterprise into the 21st century with a state-of-the-art modern overhaul of the operational software systems that help drive the success for this company to create an efficient management system,” the application states, revealing that the new headquarters could be as large as 400,000 square feet.
Throughout the next 18 months, The Walt Disney Co. will move roughly 2000 jobs from its California headquarters to a new community in Southeast Orlando. Lake Nona will house a Disney campus that will be home to Disney Imagineers and other professionals. No specific location has been chosen for the Lake Nona project yet.
We can report that Disney wrestled back $8 million in property taxes from Orange County. Walt Disney World filed a tax grievance arguing that the assessed value of their theme parkland was inflated between the years 2015 and 2020. The park paid the taxes and contested them in court, with a settlement expected to pay to the tune of multiple millions per year. Funds were held in reserve by the county, anticipating a potential Disney victory.
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