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Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked

Cardinal

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

 

SCrider

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

That's awesome.
 

Cardinal

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And before Republicans gloat that this only affects "blue counties," it doesn't.

"Farmer said the bond debt could total more than $2 billion and that tax authorities are increasing their estimates as they learn more about Reedy Creek’s outstanding liabilities.

“This is a very real impact, the extent of which we don’t fully understand yet,” Farmer said.

If the liabilities of $1.7 billion or more are transferred to Orange and Osceola counties, he said, the debt could amount to $1,000 per taxpayer.

"If the counties are left holding the bag, the state might have to come to their aid,” Farmer said. “So it’s not even just a tax issue for these two counties. It affects every taxpayer in the state of Florida.”

All because Republicans were butt hurt over Disney using their right to free speech to criticize their legislation.
 

bongsaway

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

Since I live in flori-duh with the greatest governor EVER the story gets covered more here and I don't even watch local news, it's the national and cable news covering the story and it was explained quite well the other day with the same conclusion. Orange and Osceola counties, you're ****ed. I live in one of the next counties over from orange.

I'll trust my local news like the orlando sentinel to keep me informed.
 

Cardinal

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Since I live in flori-duh with the greatest governor EVER the story gets covered more here and I don't even watch local news, it's the national and cable news covering the story and it was explained quite well the other day with the same conclusion. Orange and Osceola counties, you're ****ed. I live in one of the next counties over from orange.

I'll trust my local news like the orlando sentinel to keep me informed.
Obviously part of the thinking is that the affected counties are blue, so it's okay (100% of this is culture war). But according to the article, their problem is a state problem.
 

cpwill

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

This right here is why Conservatives are supposed to appreciate the lesson of Chesterton's Fence.
 

Cardinal

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This right here is why Conservatives are supposed to appreciate the lesson of Chesterton's Fence.
It wasn't for lack of trying. Democrats, who still run on governance, anticipated the need for second order thinking (consequences of consequences):

"State Senate Minority Leader Gary Farmer, D-Fort Lauderdale, tried to amend the bill to include further study of the bond debt, but the amendment failed on a voice vote."
 

tres borrachos

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.


So what? They owned the libruls!
 

OrphanSlug

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But... but... freedoms! (For everyone but the Christian Taliban.)
 

Cardinal

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So what? They owned the libruls!
Every day that Texas and Florida are in the news, my conspiracy theory that Republicans are turning their states into dystopian hell holes on purpose seems less like a conspiracy theory and more like obvious, common sense.
 

dcsports

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

Wow! Sounds like they are moving a little too fast on this. They need to re-think this. I doubt those counties want the 1-2 billion dollars in bonds with no revenue. And I really doubt they are interested in running the city services for the massive Disney property either.

And it sounds like an exceptional job by Disney funding district improvements through bond issuances. It's probably was a tax and accounting decision to allow them to fund their own infrastructure through municipal bonds. But they also left a giant ticking time bomb that may protect their special tax district.
 

lemmiwinx

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Disney went woke so now they're going broke. Enough tax breaks for mega companies already. Let them pay tribute the tax man like everyone else.
 

Luce

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I'm totally okay with Florida smashing itself to tiny pieces.

I understand the consequences, it's just that I don't care.
 

tres borrachos

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Disney went woke so now they're going broke. Enough tax breaks for mega companies already. Let them pay tribute the tax man like everyone else.

Can you post a link to show us how Disney is going broke? This should be good.
 

Common Sense 1

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Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

Is this what Disney told you?
 

lemmiwinx

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Can you post a link to show us how Disney is going broke? This should be good.

They're not getting any money from me on their plus channels if that means anything. Happy to see Chris Wallace's startup pay channel CNN+ has gone belly up.
 

tres borrachos

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They're not getting any money from me on their plus channels if that means anything. Happy to see Chris Wallace's startup pay channel CNN+ has gone belly up.

I asked you to post a link to back up your claim. I didn't ask you if you were going to subscribe to their channels. And Chris Wallace has nothing to do with your claim that Disney is going broke.

Post a link to back it up.
 
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