Jul 8, 2015 5:05 PM by News Staff
ANAHEIM, Calif. (AP) - The Anaheim City Council has moved to extend an admissions tax ban to the Walt Disney Co. in exchange for its pledged billion-dollar expansion.
According to the Orange County Register, the City Council approved a 30-year entertainment tax exemption after 5 ½ hours of public deliberation Wednesday morning.
The deal requires Disney to begin construction by the end of 2017 and finish within seven years.
The project promises to create 1,400 jobs and bring an additional $15 million in annual city tax revenue.
The tax exemption will expire if Disney fails to meet these requirements. However, it could also be extended if Disney continues to expand.
Currently, no Disney parks in the world have an admissions tax.
Copyright 2015 The Associated Press. All rights reserved.
20 hours ago