Reedy Creek may be given back to Disney
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This is a bad move that will cost desantis heavily if it goes through, especially after Iger went full blown woke recently. If they don’t let Disney die, hand back Reedy creek and try to buffer them while Disney grooms kids Trump will have a field day.
The claim is Iger is making things better. No idea if it's true.
Here's hoping.
You're a rube. Iger started this shit and doubled down while claiming they'd get out of politics. He doesn't consider grooming political but a moral issue of faith
Narrator: LOL
Losing Reedy Creek isn't the blow for Disney that a lot of people seem to think it is. Eliminating its special taxation status puts the local and state goverments on the hook for a lot of debt which was previously the burden of Disney alone. Orange County and Florida taxpayers could end up having to bankroll a significant amount of Disney's debts.
That's a myth that Disney perpetuated.
RCID's "debt" is owed to Disney for hard capital improvements Disney has used. The only reason the debt exists on RCID's books as a vehicle for Disney to write off money on its taxes.
Orange and Osceola would refuse to accept RCID's debt, because the RCID's sole creditor (Disney) is also the primary beneficiary of RCID's improvements.
That is, the counties will say:
"You (Disney) had RCID borrow money from Disney, to build roads for Disney. You were deducting the taxes you paid RCID (which serviced the debt) and then not paying tax profits from the debt (because it was a muni-bond). We're not assuming RCID's debt; you wanted roads, you paid for them, you got them. All the rest is clever accounting to convert as much capital improvement spending into muni-bonds TO YOURSELF to shield corporate profits from taxes."
As I understand it there were cases of Disney relinquishing land back to RCID for new roads so that they could do their muni-bond trick on as many improvements as possible. Left to run its course I imagine they would have eventually ceded parking lots to RCID.
You don't even need to get into the shady details of studio accounting to see that is an absolutely retarded argument on its face. Reedy Creek is Disney, so any debt accumulated by Reedy Creek would be Disney debt. Even if there was some hypothetical way that Reedy Creek, which is Disney, could magically accumulate debt that wasn't Disney's, the government could declare that debt is still Disney in the process of taking back Reedy Creek because it is the government, creator of rules, the monopoly on violence, the origin of force.
This is just pissing and calling it rain. The dissolution of the Reedy Creek project was never going to result in Disney losing their land, or really anything special happening other than them losing the wacky and unique things they had above and beyond what every other special district has. The new Reedy Creek agreement was only ever a few forms and about a year away for Disney.
Special districts in Florida are common but what Disney had was insanely uncommon. Walt Disney himself negotiated that agreement with the state which understood and expected him to be building Tomorrowland there. It was supposed to be a completely functional and highly futuristic planned city. Instead after some years and near bankruptcy the company decided to make the sequel to the California theme park instead.
Other theme parks in Florida work and operate as special districts. Suburbs and subdivisions operate as special districts. They are common things. What Disney had was a blank check that had been considered for repeal and replacement many times over the decades. This was merely the moment when Disney pissed everyone off just enough to crystalize the political will to yank it.
What they will get back will be called Reedy Creek, but it will be a new special district that aligns with the current standards of what a special district is and can be, and not its own special law just for them. This was always going to be what was going to happen, unless Disney and their sycophants tried to go scorched earth over it.
The left will still considerate a win.
The check must have cleared. Bend the knee, DeSantis.
Just says a few lawmakers. Florida still has a few democrats in the state legislature and there's a couple of pissy rinos as well. Hell, we have Rubio and Satan as our senators, so, why not.