Today in Disney Parks and Resorts History - Roy O Disney Passes Away

December 20, 1971 – Burbank, CA

Roy O. Disney, Walt's older brother and lifelong business partner, and co-founder of Walt Disney Productions, passes away at the age of 78 from a cerebral hemorrhage.  Roy served as the company's Chief Executive Officer (1929–1971) and President (1945–1971). While Walt was the creative man, Roy was the one who made sure the company was financially stable - and it was Roy who made sure that Walt’s last dream came to fruition.  Roy made sure that the company pressed forward with Disney World, but even taking it a step further and renaming the project Walt Disney World so that the world would always remember whose dream it truly was. With both Disney brothers gone, the board of directors for the first time will have to turn outside the Disney family for leadership. 

Today in Disney Parks and Resorts History - Legislation Creating Reedy Creek

May 12, 1967 – Orlando, Florida

Signing legislation, Florida's Governor Claude R. Kirk, Jr., officially enables Walt Disney Productions to build and operate Disney World (later renamed Walt Disney World by Roy O. Disney, in honor of his brother Walt, whom Roy wanted everyone to remember who’s dream it was the company was building in Central Florida).  With the legislation signing, the Reedy Creek Improvement District is created as well as the cities of Lake Buena Vista and Bay Lake, and Florida taxpayers will not have to spend public money on Disney construction – and the Disney organization will not have to rely on state agencies for approval of anything built.  

Because Disney has so many plans for the theme park, the company decides to build it in phases.  Phase One will consist of a theme park, two resort hotels (called the "Tempo Bay Resort Hotel" and the "Polynesian Village Resort") and a campground.  The theme park will be a modeled after and built as a larger version of the company’s original theme park, Disneyland, in Anaheim, CA.  The park and the two hotels will be situated around a large, man-made lagoon, and near the existing, natural Bay Lake – located at the northwestern edge of the vast 43 square mile property acquired by the company between 1966 and 1967. 

Tuesday Trivia - Roy O. Disney Builds Walt Disney World

Following his brother Walt's death in December 1966, Roy O. Disney raised $400-million, and over the next five years built Walt Disney World, opening the new resort in October 1971. Through a series of convertible and common stock issues, the funds raised ensured the company was debt-free at the time the resort opened.