The city of Anaheim and Walt Disney Co. have reached a tentative agreement on financing and building improvements for a proposed $ 2.75 billion expansion at Disneyland, the Orange County Register reported Thursday.
The agreement, culminating three years of negotiation, would create a municipal authority to sell bonds for two parking garages, utilities, street widening and landscaping for Westcot Center.
The World’s Fair-typepark would feature hotels, an amphitheater and other attractions around Disneyland’s present site.
The company hasn’t committed to building it.
Money issue hush-hush
“We’re very encouraged,” Ken Wong, senior VP of Disney’s development unit, said Wednesday. Neither side revealed how much money Anaheim would provide.
Disney has said it needs $ 750 million in public improvements.
“We think we’ve come to agreement on the basic issues,” said Anaheim city manager Jim Ruth. “A lot depends on their ability to bring in outside funding.”
The city has already promised $ 25 million for freeway ramps. The state and federal government have committed an additional $ 75.5 million for transportation improvements.
Consultants have said the city could eventually make $ 36 million a year from Westcot.