Disney’s future in Florida has been difficult to predict. Following Disney’s public critique of Florida’s Parental Rights Bill (otherwise known as the “Don’t Say Gay” bill), Florida Legislators pushed back with the proposal to dissolve Disney World’s Reedy Creek Improvement District.
The dissolution of Reedy Creek will remove expansive and operational freedoms for Disney, and risks placing the burden of municipal costs on local taxpayers. So, once Gov. Ron DeSantis signed the bill to dissolve Reedy Creek, many were left wondering what this would mean for the future of Disney World and its surrounding counties. Here’s what we know.
We’ve seen lawsuits arise regarding this particular legislation, based on the concern that taxpayers would be expected to cover the $1 billion of bond debt that’s being thrown into the mix with the dissolution. Gov. DeSantis previously mentioned that the state would most likely take control of Reedy Creek and taxpayers wouldn’t assume the debt, but no clear plan was provided.
According to Bloomberg, Ben Watkins, director of the state’s division of bond finance, said the likely outcome will be a successor district created by legislators. It will probably assume most of the powers Reedy Creek held that allow Disney to perform municipal functions. With that being said, it can be expected that previously-granted powers that were never used, such as operating a nuclear power plant, will not be authorized.
Watkins acknowledged that Gov. DeSantis’ office has been “supportive” of the successor district option, although, lawmakers have the final say in what happens. If the successor entity is allowed, that means the debt will be transferred to the entity.
We’ll continue to keep you updated on any movement regarding Reedy Creek. For more information on the background of this issue, check out Disney’s statement regarding Florida’s Parental Rights Bill. Or, take a look at the initial proposals to dissolve Reedy Creek.
And, as always, stay tuned to DFB for the latest Disney news.
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The post Successor District Is Likely Following the Dissolution of Disney’s Reedy Creek first appeared on the disney food blog.