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Monday, April 25th, 2022

Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked

Author:     Robert Frank
Source:     CNBC
Publication Date:     THU, APR 21 20228:14 PM EDT
 Link: Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked
Stephan:   Here is a second example of the inferiority of Republican governance. I know that some readers will take this as a partisan position; it is not. I am an experimentalist, what I care about are objectively verifiable social outcome data, and they are very clear. If you live in Florida, next summer when this kicks in, your property tax is going to go up by $2,000 to $2,800. If you voted Republican, you voted for it.
  • The Florida legislature on Thursday cleared a bill that would dissolve Disney’s special improvement district, effective June 2023.
  • If the special district is eliminated, Orange and Osceola counties would have to provide the local services currently provided by the special district.
  • Legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

The state Senate passed the bill Wednesday, after it was first introduced Tuesday. It will now go to the governor for his signature.

Disney’s Reedy Creek Improvement District was created in 1967 and gives the Walt Disney Company full regulatory control over Disney World as well […]

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1 Comment

  1. Albus Eddie on Monday, April 25, 2022 at 8:02 am

    For profit corporations should never be given governmental authority. It was a Pact With the devil when originally made. Now the two county governments will have to re-orient their budgets in priorities which should have been in place decades ago. Disney will now have accountability it has managed to escape. Good riddance to the Reedy Creek improvement district. Even if it means higher taxes.