Disney Project Could Reap $250 Million for Glendale

The city and its schools could reap more than $250 million in new tax revenues from Walt Disney Co.’s new creative campus over the next 32 years, according to a development agreement made public Friday.

Of that amount, the city would plow back as much as $66.3 million as part of an upgrade to public infrastructure in the area, the report said.

The draft development agreement between Disney and Glendale Redevelopment Agency is the first to give a detailed revenue picture of the $2-billion Disney project, which is planned for 125 acres the company owns near the junction of the Golden State and Ventura freeways.

The creative campus, which borders the DreamWorks SKG animation facility, is part of the 750-acre San Fernando Redevelopment Corridor, designed in 1992 to attract media, technology and entertainment companies to the city.

Over the next three decades, the city’s redevelopment agency, city housing authority and the Glendale Unified School District could receive as much as $191 million in new property taxes and $40 million in increased sales, hotel and utilities taxes, the report said.

Nearly $20 million is expected from additional development induced by the Disney project, City Manager James Starbird said.

In addition, Los Angeles County will get about $170 million in additional property taxes, the report said.

The report noted that the Disney project could generate 7,000 new full-time jobs in the region.