Disney has decided not to oppose Republican Florida Gov. Ron DeSantis’ takeover of the Reedy Creek district. The company has expressed its readiness to work within the new framework.
DeSantis has taken control of the Reedy Creek board and informed Disney that it has to pay $700 million in debt and start paying taxes. If the proposed legislation is passed, it would forever eliminate Disney’s ability to govern itself, as the governor would be in charge of picking the board members.
The new rules proposed would not allow anyone who has ever been affiliated with Disney to serve on the board. Democrats in the state have attacked DeSantis for going after Disney, claiming the dissolution of RCID would force county taxpayers to foot the bill for more than $1 billion in bond debt.
Takeaways:
- Disney has agreed to comply with Republican Florida Gov. Ron DeSantis’ takeover of the Reedy Creek district.
- DeSantis has informed Disney that it has to pay $700 million in debt and start paying taxes.
- The proposed legislation would give the governor the power to appoint the five-member board of supervisors that runs the special district.
- The legislation would give board members term limits and would place the governor in charge of picking the board members.
- The new rules proposed would not allow anyone who has ever been affiliated with Disney to serve on the board.
Commentary:
The Republican takeover of the Reedy Creek district, which has long been governed by Disney, is being hailed by some as a victory for accountability and transparency. Republican Florida Gov. Ron DeSantis has been clear in his promise that Florida’s taxpayers will not take on Walt Disney World’s debt when and if the RCID dissolves in 2023.
This new legislation would keep in place Reedy Creek’s obligation to almost $1 billion of outstanding bonds. Democrats in the state have criticized DeSantis for going after Disney, claiming that the dissolution of RCID would force county taxpayers to foot the bill for more than $1 billion in bond debt.
The proposed legislation would give the governor the power to appoint the five-member board of supervisors that runs the special district, which would give greater accountability and transparency.
