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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.
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.
Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked
The Florida legislature on Thursday cleared a bill that would dissolve Disney's special improvement district, effective June 2023.
www.cnbc.com