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Disneyland to get neighbor
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October 11, 1996: 7:57 p.m. ET
Disney's new Anaheim theme park to create more whistling workers
From Correspondent Casey Wian
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LOS ANGELES (CNNfn) -- Disneyland calls itself the happiest place on earth. And that happiness could soon spread throughout Southern California's economy.
The city of Anaheim, where Disneyland is located, has given permission for construction of a second theme park, Disney's California Adventure.
The entertainment company is pouring $1.4 billion into the project, which is expected to create 14,500 jobs and generate more than $6 million in annual revenue for the city.
"This is sort of like renewing marriage vows," said Anaheim Mayor Tom Daly. "The marriage happened about 42 years ago. Now both parties are reinvesting in the program and we think the best is yet to come."
Tourism is Anaheim's number one industry. An average of almost 14 million people flock to Disneyland and the nearby convention center each year. The new deal is expected to boost those numbers by almost 50 percent.
Anaheim's part of the deal is issuing bonds worth $560 million to improve its transportation system and hotel accommodations, including a $150 million convention center renovation.
Business is already booming at Disneyland. Earlier this month, it closed its gates for four hours -- only the second time ever -- because so many people showed up to catch the farewell tour of its Main Street electrical parade.
Disneyland president Paul Pressler said the occurrence was a glimpse into the future. (127K WAV) or (127K AIFF)
Economists say the future looks bright, although some, like Dr. Puri of California State University at Fullerton, think Disney's projections are overly optimistic.
"The project overall -- even if it (gets) 80 percent of its targets -- it will be worthwhile, for both the city and Disney." said Puri.
It could be worthwhile to surrounding Southern California as a whole, which expects a $1 billion economic boost even before the park opens and an additional $1.4 billion after its debut in 2001.
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