flynnibus
Premium Member
Or they just pass a law that cancels out the 4c law before the deadline - this isn't a barrier
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News Reedy Creek Improvement District and the Central Florida Tourism Oversight District
- Thread starter castlecake2.0
- Start date
Or they just pass a law that cancels out the 4c law before the deadline - this isn't a barrier
Correct.
RCID's millage rate of 13.5741 won't become that of either Osceola or Orange County as Florida law caps what counties can charge. One reason special districts are created.
So Disney will find its overall tax liability decreased if RCID is dissolved next June. It will also find the level of services it received for that ~$150M in taxes it paid to RCID lessened when it now has to get those services from the county. And the counties can't charge WDW a higher millage than it charges other property owners. Thus, Orange County will be getting approximately 40 more square miles to provide services for WITHOUT a corresponding increase in tax collections as WDW is already paying taxes to the county. In essence, it just got a new city nearly the size of Ocala to provide water, waste, fire, emergency, roads, etc., for. It's going to have to raise property taxes. I doubt the county charter allows it to operate at a deficit. And that millage increase will go before voters.
As far as the debt goes, that was used to pay for past projects done by RCID so not only would local taxpayers have to pay for future public services within the current RCID boundary, they would be covering debt payments to pay back bonds used on those past projects.
They're not really services for Disney. They're public services provided within RCID. It just so happens that most of those are related to Disney as the largest land owner.
When someone drives down Buena Vista Dr, Osceola Pkwy, World Dr, they're not Disney. When water run off doesn't wash out those roads so someone can drive down them, they're not Disney. When someone's car catches fire and the fire fighters put it out, they're not Disney. When someone calls an ambulance, they're not Disney. They're someone in the public using a public service.
It's unfortunate that we need to spell that all out. But, there's clearly people that don't understand that. When we say to Disney, it feeds into their incorrect perspective.
And given that local bond issues must be handled through the state Division of Bond Finance, adding to the current debt load may not be feasible. Or the interest rate charged, especially if this nonsense causes the rating services to lower Florida's bond ratings, will be higher.
I bet if Ash Williams was still Executive Director of the SBA, he'd have told DeSantis how reckless this legislation is, not just for RCID and the affected counties, but the state as a whole.
As far as the debt goes, that was used to pay for past projects done by RCID so not only would local taxpayers have to pay for future public services within the current RCID boundary, they would be covering debt payments to pay back bonds used on those past projects.
They're not really services for Disney. They're public services provided within RCID. It just so happens that most of those are related to Disney as the largest land owner.
When someone drives down Buena Vista Dr, Osceola Pkwy, World Dr, they're not Disney. When water run off doesn't wash out those roads so someone can drive down them, they're not Disney. When someone's car catches fire and the fire fighters put it out, they're not Disney. When someone calls an ambulance, they're not Disney. They're someone in the public using a public service.
It's unfortunate that we need to spell that all out. But, there's clearly people that don't understand that. When we say to Disney, it feeds into their incorrect perspective.
And those roads aren't Disney property.
Nice to know if I get that townhouse on Reams.
RCID's bonds are rated from A to AA-.
Orange County bonds are rated from AA+ to AAA. The bonds with the AA+ rating are 50% shared state revenue.
The size and type of the bond issue affects the rating.
A1A isn't a federal highway
TWDC doesn't control those bonds. It will be the Board of Supervisors of RCID that will enact any punishment if the responsibility for retiring those bonds is assumed by the county taxpayers.
UNCgolf
Well-Known Member
Hence why I called it a ploy.
Sirwalterraleigh
Premium Member
Where does the majority of road construction funds come from? No matter if they’re state or not…
Or at least back when we built roads
Disstevefan1
Well-Known Member
not gonna say it but you know what I was going to say .....
Bonds. And the feds.
That's the bond principle. You also have to consider the interest paid to the bond holders.
They do. By statute.
Sirwalterraleigh
Premium Member
Bingo..:even if you work in a “business killing tax” rich state…as I do and was working on a DOT just today
(And the taxes aren’t really that high)
The Board of Supervisors are elected by the electors - property owners - in the District.
It depends on the road, at least in this state. Major state roads will be a combination of federal $ and state issued bonds. Local roads, like Buena Vista, Osceola Parkway, will be funded by municipal or county bonds.
JoeCamel
Well-Known Member
Ahh, debt vs obligation
Well, a bond holder would see both the repayment of principle and the coupon rate as an obligation on the part of the issuer.
Disstevefan1
Well-Known Member
Property owners in RCID are all hand picked by Disney.