Because Disney pays other taxes and draws in all kinds of revenue. Why do states/cities build massive fucking stadiums that takes decades to pay off for private sports team and then get none of the revenue from ticket sales/parking/merchandise?
Yeah, but if this "1.4 billion dollar tax bomb" or whatever is a problem for the county then the county has a simple solution, don't let them defer those property taxes.
There's a tin-foil hat theory going around that Chapek asked DeSantis to do this so that he could use it as leverage to get the Disney board behind his original politically neutral agenda.
As much of a headache as the Special District revocation would be for the Florida government, there's no way that it's actually in Disney's interests to have this happen. On a financial level alone, they would be compelled to open the Disney World books to third party scrutiny in a way that they haven't had to do in 55 years.
Not really. There's a lot of private stuff that is protected, this would be severely limited to governance of that specific area. They can claim a lot of private asset protections, and can safely unload their town debts and obligations to those who live there. Another thing would be any 'city' worker pensions, a major financial burden for many cities. The headache involved is worth unloading all the financial obligations and debts. They can also sell their stakes in these areas at astronomical prices, such as unneeded land and building sites because this is in the Orlando metro area.
The bond was already made. The amount owed is what's being calculated thanks to Disney's inhouse credit default swaps. Disney is a braindead corpse on lifesupport. This was shifting of that burden.
The liability of bond debt from an improvement district to a county, which had no say on its issuance, is very likely challengeable in court. I suspect that Orange and Osceola county will succeed in leaving RCID's creditors holding the bag.
That being said, Orange and Osceola are blue counties. I see no reason why red Florida man would care what happens to them.
That's just it, Disney gets so many tax deferments that they don't pay much beyond typical sales tax. This was a tax they had to pay, but won't now.
except they will because he just explained why they will
You musy be made of dark matter to be this dense.
why would the county give didney a deferment on property taxes?
Because Disney pays other taxes and draws in all kinds of revenue. Why do states/cities build massive fucking stadiums that takes decades to pay off for private sports team and then get none of the revenue from ticket sales/parking/merchandise?
Yeah, but if this "1.4 billion dollar tax bomb" or whatever is a problem for the county then the county has a simple solution, don't let them defer those property taxes.
That is a solution, but the county isn't the only one presenting deferred taxes.
There's a tin-foil hat theory going around that Chapek asked DeSantis to do this so that he could use it as leverage to get the Disney board behind his original politically neutral agenda.
As much of a headache as the Special District revocation would be for the Florida government, there's no way that it's actually in Disney's interests to have this happen. On a financial level alone, they would be compelled to open the Disney World books to third party scrutiny in a way that they haven't had to do in 55 years.
Something tells me they'd like to avoid that.
Not really. There's a lot of private stuff that is protected, this would be severely limited to governance of that specific area. They can claim a lot of private asset protections, and can safely unload their town debts and obligations to those who live there. Another thing would be any 'city' worker pensions, a major financial burden for many cities. The headache involved is worth unloading all the financial obligations and debts. They can also sell their stakes in these areas at astronomical prices, such as unneeded land and building sites because this is in the Orlando metro area.
Only if Florida man decides to raise taxes instead of cutting spending.
In which case Disney gets to enjoy the same shit roads the rest of Florida lives with.
Where are you that the roads are bad? Ive only seen amazing roads with intersections built for maximumm visibility.
Northeast is where the roads are bad because democrat run shitholes funnel tax money into diversity rather than repairing roads after winter.
The bond was already made. The amount owed is what's being calculated thanks to Disney's inhouse credit default swaps. Disney is a braindead corpse on lifesupport. This was shifting of that burden.
The liability of bond debt from an improvement district to a county, which had no say on its issuance, is very likely challengeable in court. I suspect that Orange and Osceola county will succeed in leaving RCID's creditors holding the bag.
That being said, Orange and Osceola are blue counties. I see no reason why red Florida man would care what happens to them.
Courts have been siding with the bond holders.