02:09 PM EDT, 06/05/2024 (MT Newswires) -- Walt Disney ( DIS ) is close to finalizing an agreement with a Florida oversight board that could include a $17 billion investment by the company in its Florida resort and possible fifth theme park at Walt Disney World, the Associated Press reported Wednesday.

The agreement between the entertainment giant and the Central Florida Tourism Oversight District would increase the number of hotel rooms allowed to Disney ( DIS ) to more than 53,000 from 40,000 and expands retail and restaurant space by 20%, according to the AP.

The company would be required to donate up to 100 acres of Disney World's land for infrastructure projects controlled by the district, award at least half of the projects to companies based in Florida, and spend at least $10 million for affordable housing in Central Florida, the report said.

The district's board voted for initial approval of the development agreement and a vote for final approval is scheduled for next week, the AP said.

Disney ( DIS ), the Central Florida Tourism Oversight Board, and Gov. Ron DeSantis' office did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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