Posted on 04/27/2022 4:01:43 PM PDT by Coronal
In a statement quietly posted April 21, Disney informed investors that despite the recent law abolishing its special tax district by 2023, the state of Florida can’t actually do that unless it also covers all outstanding debts associated with the district. Subsequently, the company told investors it intends to conduct business as usual for the time being.
In the statement, first reported by WESH in Florida, officials for the Reedy Creek Improvement District — the official name of the tax district in which Disney operates its Florida theme parks and also functions as the local government — assured investors that under the terms of the 1967 law that established the district:
“Unless otherwise provided by law, the dissolution of a special district government shall transfer title to all of its property to the local general purpose government, which shall also assume all indebtedness of the preexisting special district.”
Specifically, the statement notes that “In the Reedy Creek Act the State of Florida has pledged to the holders of any bonds issued by the District: (1) that it will not limit or alter the rights of the District … until all such bonds together with interest thereon, and all costs and expenses in connection with any act or proceeding by or on behalf of such holders, are fully met and discharged.”
As a result, the statement says, Disney intends to continue “present operations” in Reedy Creek. Disney also said it is exploring “its options” in the meantime.
(Excerpt) Read more at yahoo.com ...
Did you forget the sarcasm tag???
What he said. Brilliant.
That is happening either way.
By dissolving the district the debt is now Floridians to deal with.
District “taxed” itself and accrued debts. Various other entities will creat taxes on Disney and pay the debts..
That’s how this will all work when it’s said and done.
Whole lot of hand wringing over nothing
Heck of a battle in an election year. Hope Ron has this well planned out.
Mickey Gerbil
Yes but it sounds like they would get the park. I assume there is no local general purpose government there other than the county.
“Did you forget the sarcasm tag???”
I didn’t think the trickster rabbit needed a sarcasm tag.
Since Disney has all but banished Uncle Remus I may have to provide context monuments in future references.
Which means that Orange County gets the sewage system, water, electrical, roads, electrical grid, and all the other infrastructure that supports the Disney parts Since Reedy Creek did not own Disneyworld, or EPCOT, or any of the other parks, resorts, etc. then the state of Florida has no claim to them.
Wouldn’t that be the law abolishing Disney’s special tax status?
Disney didn't issue the bonds, Reedy Creek Improvement District did. Under state law, if a improvement district is done away with then the state gets the assets as well as the liabilities.
State dept of transportation needs to star construction on all roads leading into the parks. Dig them all up. Make them impassable.
“Wouldn’t that be the law abolishing Disney’s special tax status?”
That law doesn’t go into effect till next year ...
This will end up before SCOTUS before all is said and done.
Wonder if Kav or ACB will come to Disney’s rescue?
Great example of FUD - fear, uncertainty and doubt.
That is enough to stop a Bush Republican in their tracks.
“Don't move forward; the Democrats are smarter than we are and will beat us, and will make us gather the straw to make the bricks.”
But DeSantis is not Jeb Bush. Disney is just about to find that out.
Disney owns the parks and the land they sit on, not Reedy Creek. RCID is a quasi-governmental entity created to regulate park operations.
The incestuous relationship between Organized Faggotry, the tribe of media controllers and the educational system is truly the "third rail" of American politics, and things are going to turn very ugly for DeSantis and the brave folks in the FL legislature very soon. They had better be ready to withstand what's coming.
That's what taxes are for, which Disney will be in the hook to pay, one way or another.
You can ALWAYS find something wrong if you want to. ALWAYS.
This is why Disney’s special status needed to be revoked.
Haven’t learned anything.
I don’t think any of them will.
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