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Florida Legislators Want To Remove The Reedy Creek Improvement District

GoofGoof

Premium Member
Are none of these news outlets reporting that the Governor thats trying to stick it to Disney is the same one giving them hundreds of millions of dollars in tax breaks for Lake Nona?
DeSantis said this action is just a first step and when asked about Disney potentially paying less in taxes without RCID he said that Disney will pay its fair share of taxes one way or another. Reading between the lines they are looking into the additional $580M in state tax credits Disney has. That includes the credits negotiated in the Lake Nona deal. The open question is whether there is still time for Disney to pull out on that project if the tax credits are at risk. That would be a major blow to the local community and from the overall size of the complex looks like it’s big enough for a lot more than the 2,000 jobs they were moving from CA. Is it possible if the deal falls through instead of adding thousands of jobs they actually move thousands out of FL? Who knows, but that’s what I would be leading with in any negotiation if I were Disney.
 

UNCgolf

Well-Known Member
DeSantis said this action is just a first step and when asked about Disney potentially paying less in taxes without RCID he said that Disney will pay its fair share of taxes one way or another. Reading between the lines they are looking into the additional $580M in state tax credits Disney has. That includes the credits negotiated in the Lake Nona deal. The open question is whether there is still time for Disney to pull out on that project if the tax credits are at risk. That would be a major blow to the local community and from the overall size of the complex looks like it’s big enough for a lot more than the 2,000 jobs they were moving from CA. Is it possible if the deal falls through instead of adding thousands of jobs they actually move thousands out of FL? Who knows, but that’s what I would be leading with in any negotiation if I were Disney.

I don't think there's any question Disney could pull out if they wanted. I've seen companies back out with construction almost complete; it's just a sunk cost.
 

lazyboy97o

Well-Known Member
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.
Bonds have also prevented attempts at dissolution. That’s why I’ve mentioned Robert Moses. He kept authority going by keeping the bonds going even though dissolution planned or expected.
 

mikejs78

Premium Member
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.

But in those cases there wasn't a specific provision about not removing powers from the district. This is a very different situation than your typical bond because of the language that is in the bond contract. It's almost like this whole thing was set up to prevent something like this from happening to begin with.

. They will create a new district with a new name and take away some meaningless powers then try to spin their way to victory in the public eye.
I'm sure Disney is going to want it to be called Reedy Creek. But maybe it's Reedy Creek something instead of improvement district.
 

GoofGoof

Premium Member
But in those cases there wasn't a specific provision about not removing powers from the district. This is a very different situation than your typical bond because of the language that is in the bond contract. It's almost like this whole thing was set up to prevent something like this from happening to begin with.


I'm sure Disney is going to want it to be called Reedy Creek. But maybe it's Reedy Creek something instead of improvement district.
Why even change the name? I‘m sure there’s an administrative cost of changing out all the signage, letterhead and other items with the name on it. As long as they can claim it’s “different” who cares if the name changes.
 

mikejs78

Premium Member
Honestly I wish Iger were still CEO here. He would navigate this with finesse, despite all the criticism that anyone else has of him for other reasons.

Even with the strong case and many legal options that Disney has, I'm not confident that Chapek won't somehow mess this up
 

flynnibus

Premium Member
Something new to distract and take the media spotlight so the focus shifts. Something that will generate significant support from his supporters so they will overlook other blunders and back steps.
First rule of politics is if the heat is coming.. just point at someone else. Rule #2 Focus on what you could do.. vs what you have done.

This is how they navigate blunders and keep the mob focused on what they are selling instead of what they have done. This situation will be no different. Just keep the ball moving.

I'm more interested to see what his timeline is... do they insert something in the 2022D session yet? Will is be another unilateral play?
 

Sirwalterraleigh

Premium Member
Honestly I wish Iger were still CEO here. He would navigate this with finesse, despite all the criticism that anyone else has of him for other reasons.

Even with the strong case and many legal options that Disney has, I'm not confident that Chapek won't somehow mess this up
…you wanna know what I think???😉
 

peter11435

Well-Known Member
First rule of politics is if the heat is coming.. just point at someone else. Rule #2 Focus on what you could do.. vs what you have done.

This is how they navigate blunders and keep the mob focused on what they are selling instead of what they have done. This situation will be no different. Just keep the ball moving.

I'm more interested to see what his timeline is... do they insert something in the 2022D session yet? Will is be another unilateral play?
I think they will insert legislation on constitutional carry and fixing the RC mess during the may special session. To be honest it was always a bit fishy that he called the May special session in the first place.
 

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