News Reedy Creek Improvement District and the Central Florida Tourism Oversight District

[Thelazer]

California is losing hundreds of businesses per year to states like Florida and Texas, and California's governor literally forced Disneyland to remain closed for 13 months and was openly hostile to allowing it to reopen.

This^^

 

[durangojim]

My head is swimming. If Disney won't be affected negatively by this because the people who will be affected negatively are the local taxpayers then how is Disney being "punished"? This thread has given me a headache. Is there someone on here smarter than me who could make one of those word cloud graphs showing what words or phrases have been used the most on here? I'm guessing it would show "hate, RCID, 1st amendment, punishment, idiot, and DeSantis", the interesting thing is the people who say that Disney is being punished is because they spoke out against "hate" so I get the feeling that these posters feel that they are on the moral high ground. Funny thing is that those who support the bill feel the same way. I really feel that Disney should just remain apolitical because no consensus will ever be reached on this board or in the country as a whole. The world is just too full of hypocrites.

 

[TP2000]

Let's just say that it wouldn't have happened under Iger as he's a political animal. Chapek is inept at politics.

Among many other things he's inept at, like...

Personality, basic operational knowledge, likability, stage presence, human charm, etc., etc.

 

[Chip Chipperson]

Really how do you know that ? what about the money that Disney was paying to reedy creek ? That money will now go to the county. the state is removing a layer of government. What about the fact that now Disney will have to go through the same things every other corporation or resident of Florida has to go through? Such as environmental impact studies, fema flood assessment, building permit approval through the county and all the fees tied to this?
this puts Disney on an even playing field with universal, sea world and the smaller parks in that area. I’m just really surprised at everyone being so upset that a massive corporation now will have to pay its fair share.

No, the taxes Disney pays to RCID won't go to the counties. The counties already assess WDW for property taxes and they don't discount them based on the existence of RCID. The only taxes the counties would possibly not charge are for services not used - for example, if there is a separate tax for fire services, Disney might not pay it because they use the RCFD instead of Orange County's fire department. And if you think the RCFD costs Disney $200 million to operate then you are mistaken.

 

[mgf]

It means that this massive corporation will now pay its fair share

Disney is the largest taxpayer in Central Florida. NYT (via Disney's corporate disclosures) puts the 2021 tax bill at $780 million in state and local taxes -- and that doesn't even touch the spending/tax impacts of their employees. Also doesn't account for their PILOTS (Payments in Lieu of Taxes).

 

[kalel8145]

Should have stuck with his first statement. It would’ve blown over in a day or two.

Exactly

 

[Sirwalterraleigh]

My head is swimming. If Disney won't be affected negatively by this because the people who will be affected negatively are the local taxpayers then how is Disney being "punished"? This thread has given me a headache. Is there someone on here smarter than me who could make one of those word cloud graphs showing what words or phrases have been used the most on here? I'm guessing it would show "hate, RCID, 1st amendment, punishment, idiot, and DeSantis", the interesting thing is the people who say that Disney is being punished is because they spoke out against "hate" so I get the feeling that these posters feel that they are on the moral high ground. Funny thing is that those who support the bill feel the same way. I really feel that Disney should just remain apolitical because no consensus will ever be reached on this board or in the country as a whole. The world is just too full of hypocrites.

The locals and the customers would take any hit to be taken.

The other scenario is the stock owners may suffer some too…

Guess which one the Bobs are worried about?

 

[Animal_Kingdom_09]

Actually, the RCID bonds are set up as Ad Valorem tax bonds. So either the dissolution of the District creates a default event forcing the immediate payoff of the debt or the County assumes the debt when it absorbs the District. Either situation could result in new refunding bonds being issued, but unless another special district is established in place of RCID then the debt burden falls on all taxpayers rather than just the property owners in what is currently RCID.

Thanks for the correction. I am used to my CDD which issues special assessment bonds rather than ad valorem ones. I am not sure how that liability can get transferred to out of district taxpayers, since they did not approve them. Taxation, representation, that sort of thing. I'll have to do some digging on this one.

 

[Lilofan]

No…we’d be two months into a worker revolt and 80% of Lilo’s 401K would be down another 20%

Better get those cash reserves to buy on the dip..

 

[Brer Oswald]

This is fun speculation, but If Iger was there he would immediately come out against the Don't Say Gay bill, with no flip flop like Chapek, and DeSantis will still have have done what he did, so in my opinion it would have still happened.

Iger would have caved sooner, but I don’t think he would’ve immediately. He was very reactionary.

 

[lazyboy97o]

No, apparently benefits obtained through corporate cronyism is a right corporations enjoy in perpetuity, and the First Amendment means any attempt to reassess this relationship is unconstitutional, no matter how much the benefiting corporation says and does to affect the state

What are the specific benefits with which you take issue?

 

[Disstevefan1]

My head is swimming. If Disney won't be affected negatively by this because the people who will be affected negatively are the local taxpayers then how is Disney being "punished"? This thread has given me a headache. Is there someone on here smarter than me who could make one of those word cloud graphs showing what words or phrases have been used the most on here? I'm guessing it would show "hate, RCID, 1st amendment, punishment, idiot, and DeSantis", the interesting thing is the people who say that Disney is being punished is because they spoke out against "hate" so I get the feeling that these posters feel that they are on the moral high ground. Funny thing is that those who support the bill feel the same way. I really feel that Disney should just remain apolitical because no consensus will ever be reached on this board or in the country as a whole. The world is just too full of hypocrites.

You are right Disney will not be hurt by this. Only some of the media is framing it that way.
Disney will get rid of 2 Billion of debt to be paid by Orange and Osceola counties. Folks in Florida DeSantis does not care about.

 

[Sirwalterraleigh]

and inept at running the company, hes turned it from a family entertainment corp, into nothing but a far left political platform/party.

Ummm…all their positions/actions/objectives are to serve Wall Street

Not exactly green peace. Follow the money

 

[KrzyKtty]

What about the fact that Disney will now be contributing north of 200,000,000 dollars to the 2 counties and state. I’m not making this political but politicians that disagree with something always say taxes will go up.

The news article I read said that the ready Creek district operates annually at a budget deficit of anywhere from 5 to 10 million dollars. And due to that rolling deficit they have one billion in debt. It sounds like unless taxes are increased, the counties will be absorbing more cost than they will in taxes from Disney.

 

[JohnD]

So my reading of the bill is this:

1. Any special district formed before the ratification of the 1968 FL Constitution and not re-ratified, reconstituted, etc. under the 1968 FL Constitution is dissolved as of June 1, 2023. This affects six special districts and includes the RCID.
2. These districts may be re-established on or after June 1, 2023 under Chapter 189, Florida Statutes.

Everyone is ignoring part 2. The RCID will just re-establish itself and go about its merry way.

As for the reasons of dissolving, well, those are being hotly debated.

 

[HM Spectre]

I'm still amazed that it has gotten this far. Chapek has managed this whole thing like an absolute fool... which isn't a surprise to most of us here but it's still wild to watch this all unfold. Especially when everything that's transpired has been completely avoidable.

 

[Disstevefan1]

Iger would have caved sooner, but I don’t think he would’ve immediately. He was very reactionary.

I think Iger would have known immediately it was better for HIMSELF to come out against the bill for TWDC and he would have with no delay.
And as we said DeSantis would have done the same as he did.

 

[Sirwalterraleigh]

I'm still amazed that it has gotten this far. Chapek has managed this whole thing like an absolute fool... which isn't a surprise to most of us here but it's still wild to watch this all unfold. Especially when everything that's transpired has been completely avoidable.

Chapek is completely unqualified for his job.

Iger got scared of depression and left them in a lurch.


I like to point out these 100% undisputed facts at least once per thread…carry on

 

[lazyboy97o]

My head is swimming. If Disney won't be affected negatively by this because the people who will be affected negatively are the local taxpayers then how is Disney being "punished"?

What Disney loses is the level of control over their development. There is a whole myth around the Reedy Creek Improvement District. It created a regulatory environment that was greater than what surrounded it that people have long assumed it has significantly greater powers than it actually processes. The legislators who have pushed this through are not from the area and openly acting in a reactionary manner. They’re attacking the myth of Reedy Creek.

 

[kalel8145]

So my reading of the bill is this:

1. Any special district formed before the ratification of the 1968 FL Constitution and not re-ratified, reconstituted, etc. under the 1968 FL Constitution is dissolved as of June 1, 2023. This affects six special districts and includes the RCID.
2. These districts may be re-established on or after June 1, 2023 under Chapter 189, Florida Statutes.

Everyone is ignoring part 2. The RCID will just re-establish itself and go about its merry way.

As for the reasons of dissolving, well, those are being hotly debated.

Yep. Exactly what I said about 2000 pages ago. I doubt it makes it to the June 2023 deadline. Money will help when the re-negotiation of the district starts.