Disney STRIKES BACK and says Florida is responsible for its $2B bond debt after Gov. DeSantis stripped it of 55-year-old special status

[minnie616]

I was hoping that Disney had an iron clad deal and the Governor of Florida would not be able to strip Disney of its governing power.





The Sunshine State's laws stipulate that all residents must be taxed equally.

But winding down Reedy Creek Improvement District - the name of the private body that oversees Disney's Orlando resort - would leave the state liable for $2 billion in bond debts currently held by the entertainment giant.

Disney issued those bonds - seen as an extremely safe financial investment - to fund the expansion of Walt Disney World Resort.

But unwinding Reedy Creek means families from Orange and Osceola Counties would be on the hook for between $2,200 and $2,800 each, because the district would be absorbed into both areas.

On Wednesday, the Reedy Creek board of supervisors carried on with business as usual on Wednesday, barely mentioning the decision to dissolve the district.

https://www.dailymail.co.uk/news/ar...-DeSantis-stripped-Disney-special-status.html

 

[JMB802]

The King of the Florida culture wars has opened a huge can of worms. I suspect he'll bail to run for something else and others will have to clean up his mess.

 

[bongsaway]

I was hoping that Disney had an iron clad deal and the Governor of Florida would not be able to strip Disney of its governing power.





The Sunshine State's laws stipulate that all residents must be taxed equally.

But winding down Reedy Creek Improvement District - the name of the private body that oversees Disney's Orlando resort - would leave the state liable for $2 billion in bond debts currently held by the entertainment giant.

Disney issued those bonds - seen as an extremely safe financial investment - to fund the expansion of Walt Disney World Resort.

But unwinding Reedy Creek means families from Orange and Osceola Counties would be on the hook for between $2,200 and $2,800 each, because the district would be absorbed into both areas.

On Wednesday, the Reedy Creek board of supervisors carried on with business as usual on Wednesday, barely mentioning the decision to dissolve the district.

https://www.dailymail.co.uk/news/ar...-DeSantis-stripped-Disney-special-status.html

Is that couple thousand in extra taxes a yearly thing and how long is it estimated until the debt is paid off?

Mitch did say no new taxes on corporations didn't he? So I guess the gop has started going after its own now even though disney paid almost eight hundred million in taxes last year.

 

[MaryP]

The King of the Florida culture wars has opened a huge can of worms. I suspect he'll bail to run for something else and others will have to clean up his mess.

I'd love to know how much DeSantis has spent on lawyers trying to defend all his bullshit ideas.

 

[Callen]

We will see how this unfolds. The article doesn't indicate Disney has taken any action yet. I wonder if they will just let it blow up in DeSantis's face or whether they will fight it in court. Either way, I think they keep their status and I also think this is going to tick off one heck of a lot of Floridians. I'll be keeping an eye on this one!

 

[Lycanthrope]

Floridians facing the possibility of a heavy tax burden to keep the gays at bay. Makes sense.

 

[minnie616]

We will see how this unfolds. The article doesn't indicate Disney has taken any action yet. I wonder if they will just let it blow up in DeSantis's face or whether they will fight it in court. Either way, I think they keep their status and I also think this is going to tick off one heck of a lot of Floridians. I'll be keeping an eye on this one!

My educated guess is that WDW will fight for their governing power.​

Constitutional law experts say that Disney could ‘absolutely’ sue Florida for retaliation.​

 

[Callen]

My educated guess is that WDW will fight for their governing power.​

Constitutional law experts say that Disney could ‘absolutely’ sue Florida for retaliation.​

I really hope they do because DeSantis deserves a very public spanking! However, will they or will they let the people of Oceola and Orange County rip him before the election? Dont know but I do know that this will be very public one way or another and DeSantis is going to look like the child he is!?

 

[minnie616]

I really hope they do because DeSantis deserves a very public spanking! However, will they or will they let the people of Oceola and Orange County rip him before the election? Dont know but I do know that this will be very public one way or another and DeSantis is going to look like the child he is!?

I also hope WDW does fight back.

Time will tell and WDW does have time since the bill that just passed the Florida senate does not take effect until June 1, 2023.

I am quite sure that WDW has their very best lawyers looking into this.

 

[Callen]

Time will tell and WDW does have time since the bill that just passed the Florida senate does not take effect until June 1, 2023.

Sounds like a long time but if the two counties have to take over all those responsibilities they have a lot of work to do to assume those responsibilities. Plus I can't imagine the taxpayer just sitting back and waiting for that tax bill. Actin has to be taken soon.

 

[Rogue Valley]

Besides paying off the bonds, those two counties will be on the hook for more police and firefighters to cover their larger land areas.

 

[minnie616]

Besides paying off the bonds, those two counties will be on the hook for more police and firefighters to cover their larger land areas.

WDW was going to double it’s solar grid also.

Walt Disney World Doubling Solar Energy Resources With Two New Solar Arrays in Central Florida​

https://wdwnt.com/2022/04/walt-disn...with-two-new-solar-arrays-in-central-florida/

 

[Integrityrespec]

I was hoping that Disney had an iron clad deal and the Governor of Florida would not be able to strip Disney of its governing power.





The Sunshine State's laws stipulate that all residents must be taxed equally.

But winding down Reedy Creek Improvement District - the name of the private body that oversees Disney's Orlando resort - would leave the state liable for $2 billion in bond debts currently held by the entertainment giant.

Disney issued those bonds - seen as an extremely safe financial investment - to fund the expansion of Walt Disney World Resort.

But unwinding Reedy Creek means families from Orange and Osceola Counties would be on the hook for between $2,200 and $2,800 each, because the district would be absorbed into both areas.

On Wednesday, the Reedy Creek board of supervisors carried on with business as usual on Wednesday, barely mentioning the decision to dissolve the district.

https://www.dailymail.co.uk/news/ar...-DeSantis-stripped-Disney-special-status.html

Disneys financial dealings sould not have allowed them to shape social poliicy or to have such control over their fiefdom. All they had to do was stick to their business of entertainment.

 

[Callen]

Disneys financial dealings sould not have allowed them to shape social policy or to have such control over their fiefdom. All they had to do was stick to their business of entertainment.

Yes.....pay your taxes, donate big bucks to the GOP and DeSantis, employee 70K Floridians..... but do not say a word or you will be punished.....democracy at its finest

 

[mike2810]

Disneys financial dealings sould not have allowed them to shape social poliicy or to have such control over their fiefdom. All they had to do was stick to their business of entertainment.

enlighten me.
How has Disney impacted Florida voters on what the CEO said about the "don't say gay" Bill?

I would suggest that some Florida lawmakers should have read the Reedy Creek Bill before writing a short Bill to dissolve it. I further suggest it is poor policy making to pass and sign a Bill knowing that other Bills will have to be written to address the many financial and legal issues the first Bill created.

Let me turn it around. Why is it ok for a Governor and lawmakers promote a position on an issue but a company CEO cannot?

 

[BlueTex]

Disneys financial dealings sould not have allowed them to shape social poliicy or to have such control over their fiefdom. All they had to do was stick to their business of entertainment.

Should governments be able to retaliate against citizens for exercising their first amendment rights?

 

[Subieguy]

If Disney were smart I would say Go to hell Deathsantis and relocate to Atlanta.

 

[Callen]

If Disney were smart I would say Go to hell Deathsantis and relocate to Atlanta.

Easier said than done......but they do need to give DeSantis a sharp stick in the eye.

 

[mrjurrs]

Is that couple thousand in extra taxes a yearly thing and how long is it estimated until the debt is paid off?

Mitch did say no new taxes on corporations didn't he? So I guess the gop has started going after its own now even though disney paid almost eight hundred million in taxes last year.

I believe it is yearly until the debt is retired.

 

[mrjurrs]

Should governments be able to retaliate against citizens for exercising their first amendment rights?

'Corporations are not people my friend' with apologies to Mitt Romney.

 

[BlueTex]

'Corporations are not people my friend' with apologies to Mitt Romney.

Corporations enjoy the same first amendment rights as people.

 

[minnie616]

I believe it is yearly until the debt is retired.

A little more than a year.
June 1 2023.

 

[WIGDViking]

I'd love to know how much DeSantis has spent on lawyers trying to defend all his bullshit ideas.

I think you mean how much has Florida spent…

 

[MaryP]

I think you mean how much has Florida spent…

Yes.

 

[MaryP]

If Disney were smart I would say Go to hell Deathsantis and relocate to Atlanta.

I want to see them move Expedition Everest. Talk about a traffic jam on I-95.