Disney says Florida can’t dissolve the special tax district until the debt is paid in full 2022-04-27 19:42:23

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Disney resists efforts by Florida lawmakers to Cancellation of the special boycott which governs Walt Disney World, saying that a provision in state law could prohibit such a move.

The special status, known as the Reddy Creek Improvement Act, was signed in 1967 in response to lobbying efforts by the entertainment giant. At the time, Disney proposed building a recreational project on 25,000 acres of property in a remote area of ​​Central Florida’s Orange and Osceola counties, which consists of 38.5 square miles of largely uninhabited grasslands and swamps.

Orange and Osceola County did not have the services or resources to revive the project, so the state legislature worked with Disney to create the Reedy Creek Improvement District, a special tax district that would allow the company to act with the same authority and responsibility as a county government.

DeSantis signs Bill stripping Disney of its state of autonomy

Disney

The newly painted Cinderella Castle in the Magic Kingdom at Walt Disney World is seen with the logo to celebrate the theme park’s 50th anniversary on Monday, August 30, 2021, in Lake Buena Vista, Florida. Cancellation (AP Photo/John Raoux, File/AP Newsroom)

In a public statement posted on the website of the Municipal Securities Legislation Board on April 21, Reddy Creek quoted a law stating that Florida “will not limit or alter the rights of the District…until all such bonds along with the interest thereon…are fully satisfied and discharged.” “.

“In light of Florida’s pledge to the county’s bondholders, Reddy Creek expects to explore its options while continuing its existing operations, including charging and collecting its ad valorem tax and utility revenue collection, paying debt service on its ad valorem tax and utility revenue bonds, complying with its bond covenants and operating and maintaining its property.” The statement continues.

This is the first message since Disney became embroiled in a public dispute with Governor Ron DeSantis over its public opposition to the Parental Rights to Education Act.

DeSantis has opposed the company several times and has vowed to oppose the “wake up” he says the company is promoting. Last week he signed a measure into law dissolving Walt Disney World’s governing authority.

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FOX Business has reached out to the office of Disney and DeSantis for comment.

Fox Business’ Kyle Morris contributed to this report.

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