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.
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News Reedy Creek Improvement District and the Central Florida Tourism Oversight District
- Thread starter castlecake2.0
- Start date
Disstevefan1
Well-Known Member
Correct, the number I saw was 2 Billion in debt. No worries, its Orange and Osceola counties problem.
Corporations have an interest in lobbying on issues that directly impact their business. If they choose to engage in politics outside their purview, they will be treated with all the aggression inherent to the political sphere, and they will deserve it. Go apolitical again, and we'll all be happy to go back to business. Turn into a propaganda and lobbying wing for the most radical activists and be treated in kind.
peter11435
Well-Known Member
Debt is from bonds they have sold not from budget deficits
flynnibus
Premium Member
They can't reestablish 'itself' - it would have to be recreated by the very state legislature that just voted to kill it.
This is not self-service
WildRide
Active Member
Putting aside the tax and debt liability issues, and political gamesmanship for a second... I'm trying to understand why Disney should be entitled to this still? If competitors like Universal and Seaworld have managed, what is the justification for keeping the status quo now that all of this desolate swampland has been developed?
KrzyKtty
Well-Known Member
The article still stated the counties would have to absorb the debt placing the burden on the taxpayers.
Sirwalterraleigh
Premium Member
He actually does need them - hypothetically.
A shift in Osceola can flip the state
IanDLBZF
Well-Known Member
Mayor Demmings did say that he is opposed to this as well.
www.wesh.com
Mayor: Dissolving Disney's special district would be 'catastrophic' to Orange County budget
Mayor Jerry Demings said he doesn’t think the people who are voting on the decision have given any thought to the outcome.
www.wesh.com
flynnibus
Premium Member
No - they issue bonds to raise money to spend instead of having to save hundred of millions in cash before they do something. This is typical of all entities. They issue bonds that are secured with their future tax revenues. It's no different than you getting a loan from the bank to pay for a car and using your job history as proof of your ability to pay... or you getting a home equity load to to allow yourself to have a line of credit. The difference is a government will have to spend HUGE chunks of money at a time compared to what you as an individual would so it's not as easy for them to simply 'save up before you buy'
The news and others are mashing up different points and people are getting confused. There is the issue of their existing debt and having to pay those ongoing obligations and there is the issue of paying for all the services and liabilities the counties would inherent without any specific revenue to pay for them (think roads, services, utilities, etc). So the counties would have to inheret massive new liabilities that do not have existing funding to pay for them. That's the crux. They would have to come up with new tax revenues (which can come from a multitude of means) to pay for those things.
MickeyWaffleCo.
Well-Known Member
- In the Parks
- No
100% agreed. Though the Site That Must Not Be Named also obviously shared the same view of the bill, they did provide the factual name of the bill in addition to the name coined by its opponents. If I were running a news site, whether I agreed with a bill or not, I’d call it by its actual name. News is supposed to be as objective as possible (even if that’s often not the case nowadays).
Disstevefan1
Well-Known Member
Sadly, in theory, it's a good idea for big companies to be apolitical. It does not work in practice. These days anyway.
Big companies like TWDC can't be apolitical. Today I think its a necessity; power, water, politics.
Disstevefan1
Well-Known Member
Very possible. Lets see what happens.
Animal_Kingdom_09
Active Member
Unless you happen to own some of the bonds, there is a >99% chance that it will not affect you at all.
As an aside, the RCID issued a statement on EMMA that the legislation allows them to re-form the district under a different law, and the new district will assume the obligations of the old district. Since the RCID has a responsibility to its bondholders, my guess is that all you will see is the district changed to a CDD. It will do all of the same things except for zoning changes (I think) and Orange/Osceola counties will rubber stamp those changes (see Universal/Sea World).
ctrlaltdel
Well-Known Member
I will just say in the $200m in pension/healthcare liability that the RIDC holds is a bit of a misnomer. That is something that doesn’t need to be paid immediately and is already paid for in each budget. It is typically just an actuarial number done by the auditor each year for the year-end audit.
And that’s actually not too bad of a number either. My City had an over $160m liability and we have a budget a quarter of RIDC’s.
And that’s actually not too bad of a number either. My City had an over $160m liability and we have a budget a quarter of RIDC’s.
flynnibus
Premium Member
If you were talking about customers or public sentiment - you'd have a point. But we're talking about government reaction - not individuals. One is protected against by the first amendment to our constitution - the other is not.
peter11435
Well-Known Member
That is likely correct
AEfx
Well-Known Member
Shhhh...no one wants to admit that they are suddenly turning Disney into the "poor little rich kid" underdog who can't get a break, rallying for special corporate interests - while at the same time trying to convince everyone that there is "nothing more to see here" because Disney doesn't really benefit from it, anyway.
It's kooky the mental gymnastics folks will go through in our Heroes vs. Arch Villains society.
Disstevefan1
Well-Known Member
A drop in the bucket compared to the 2B in debt from RCID...