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Florida Legislators Want To Remove The Reedy Creek Improvement District

Willmark

Well-Known Member
Generally speaking, politicians don’t like to actually do something, far better to promise something or “fight” something (whatever something is) and claim the following:

1. “I tried, but the other side stopped me!”
2. “We came to a mutually beneficial solution.”
3. Insert reason here.





Lastly (as I think it’s been mentioned a random thought): Disney just can’t up and move to Georgia for instance. I wonder how much that factors that Disney just can’t relocate into this spectacle.
 

flynnibus

Premium Member
I really don't see how they're going to do this. Fitch basically said that the only viable solution is to reconstitute the district, maybe with a different administrative structure, but with all the powers and rights that it had before.

Now, DeSantis could try to put in a district that has administration from the counties or from the state as opposed to the Disney elected administrators, but that would run afoul of the homestead guarantee in the Florida Constitution.

I don't see a way out for DeSantis at this point or even some face saving measure. His choices are to basically repeal the dissolution, or tank the Florida economy.

My guess is their simple strategy is to define a new district, in the same spot, make the law say it rolls all obligations, but has new scope and somehow redefine the admin so disney doesn’t get to own all the admin positions.

How you get there is kinda messy… there are a lot of requirements and ifs and buts in the law and state constitution now around how these get created. But I’d bet money that’s their plan. RCID II - under new management
 

mmascari

Well-Known Member
Establish a new district without the ability to run a nuclear power plant. Call it a victory.

I still think a new District could violate the state’s pledge since it is for the specific district. It doesn’t say the District and it’s successors.

While the rhetoric is largely detached from actuality, there was the small bit of awareness that pretense was necessary. Other districts were effected to give cover for the open retaliation. Any fix related to Reedy Creek is now a special deal for Disney. It’s the exact opposite of the claims.

They could undo the currently passed that dissolves. Introduce new legislation that modifies all special districts that were previously granted rights to nuclear power plants with some new constraint. Existing district still exists, solves the bond problem and all the collateral damage. How many could there be? Plus, it's not like any were probably using that right.

Publicly decree from on high at every media outlet possible that they "put Disney in it's place" by modifying the district's rights.

Just gloss over what those modifications are, it's all go forward and eliminates all the bond issues. It's not like the media is big on nuance reporting.

The point being, the best case scenario for FL is to just undo what was passed. The best case political scenario is to keep saying whatever they want and not care about any reality.
 

flynnibus

Premium Member
One thing is for sure the Florida economy is too diverse for this RCID issue to cause it to tank. Exaggerations are not helpful.
You don’t understand what bond ratings mean do you?

They are talking about hurting the bond ratings of all municipal bonds in fl because of the prescient it sets about the future stability of something in fl.

It would hurt the borrowing ability of everyone… and that hinders things getting done
 

mikejs78

Premium Member
My guess is their simple strategy is to define a new district, in the same spot, make the law say it rolls all obligations, but has new scope and somehow redefine the admin so disney doesn’t get to own all the admin positions.

How you get there is kinda messy… there are a lot of requirements and ifs and buts in the law and state constitution now around how these get created. But I’d bet money that’s their plan. RCID II - under new management

The thing is I don't think they can do this. The home rule provision of the constitution would require a vote of any residents of said new district. Disney would just be able to vote it down. The reason it works for other entities in the state is because usually there aren't any residents, or there are any municipalities involved as we have in the case of LBV and Bay Lake.

There's also the question on whether a newly constituted district would satisfy the provisions of the contract - given that the contract specifically references the entity of Reedy Creek. They can't modify any of the powers of Reedy Creek and still maintain the bond contract, which is basically what Fitch said today.
 

MickeyLuv'r

Well-Known Member
Conversely, if you agree with what Disney has done, buy more Disney stock, purchase more Disney products, watch more Disney movies, and plan more WDW vacations.

Especially that last one! :)

(Says the person whose next Orlando trip is a week away. :))
I slightly have to wonder on the last one a little.

WDW is a vacation destination. I think many vacationers want to escape when they vacation. They might not be eager to think about politics. Or to enter any location that has become a target of social media kookiness.
 

flynnibus

Premium Member
The thing is I don't think they can do this. The home rule provision of the constitution would require a vote of any residents of said new district. Disney would just be able to vote it down. The reason it works for other entities in the state is because usually there aren't any residents, or there are any municipalities involved as we have in the case of LBV and Bay Lake.

There's also the question on whether a newly constituted district would satisfy the provisions of the contract - given that the contract specifically references the entity of Reedy Creek. They can't modify any of the powers of Reedy Creek and still maintain the bond contract, which is basically what Fitch said today.

Like i said messy… tho I don’t think flat out impossible. I don’t rate my law comprehension that high that make that assertion :)

As fof the obligations- rollover isn’t that big of a deal IMO. This is already handled in other dissolution of cities,etc. this is not new ground.

Plus look at reedy creek itself… it’s creation included simple broad statements about assuming everything from the preceding drainage district. But still… city dismantling… including bonds… has been done.
 

GoofGoof

Premium Member
DeSantis mentioned that legislation would be forthcoming to handle the issue of debt, etc. What other nonsense could they possibly be planning?
I had read somewhere that he said all options were on the table and he was looking at potentially cancelling around half a billion dollars of various tax incentives TWDC was in the state. These were tax breaks offered through various programs including the most recent round related to bringing 2,000 jobs from CA to FL. This could all be political postering, but this whole situation has made FL a much less desirable place for companies to invest money in and move jobs to if they went forward with revoking additional tax incentives it could have massive negative impacts on future investment. I keep saying this, but the economy is cyclical and it won’t stay this good forever. Very short sighted.
One thing is for sure the Florida economy is too diverse for this RCID issue to cause it to tank. Exaggerations are not helpful.
That diversification is a double edged sword in this struggle. It’s easy to attack Disney since they have no way of pulling out of FL or moving WDW. Same for most of the tourism industry and obviously stuff like agriculture and international trade ports which cannot easily be moved. Some of the other industries can. So with biotech/pharma or manufacturing or other industries large corporations are taking notice. If the reputation is that FL is no longer pro-business and any incentives the government gives you can be revoked if you speak out in any way against the Government that hurts the chances of companies wanting to move more jobs to the state. This is especially a problem while other states are still pro-business and will gladly still offer incentives that won’t be revoked on a whim.
 

GoofGoof

Premium Member
Establish a new district without the ability to run a nuclear power plant. Call it a victory.
That’s actually not a bad idea. Disney and RCID have absolutely no intention of ever building a nuclear power plant so it’s no harm to them. For some odd reason this aspect of the district has caught fire in conservative talk circles like it’s somehow evidence of horrible wrongdoing on the part of Disney. So strip it out and be done. Win/win
 

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