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

[Kamikaze]

He's just determined to run Disney out of Florida isn't he? Word is Chapek had already bought up a bunch of land in S. Carolina & E. Texas. The board was really uncomfortable with the idea was one reason Iger is back.

So which one do you think gets it? My money is on S. Carolina, they need it more and are probably willing to pony up the superior incentives package, plus staying on the East Coast. Though I certainly wouldn't count Texas out by a long shot.

There is no chance Disney leaves Florida. None. Zero.

And the 'word' is false.

 

[NotCalledBob]

There is no chance Disney leaves Florida. None. Zero.

And the 'word' is false.

Yes, I believe the chance is somewhere between no chance, and less than no chance.

I guess it would solve the Orlando house price problem though.

 

[Kamikaze]

Slippery slope……….for Disney.

State of FL will be just fine. Universal
will be king.

I don't think you even realize how many jobs revolve around WDW. Not only the 60k Disney CMs, but all the jobs that revolve around Disney guests and those 60k CMs. The Florida economy would not survive the closure of WDW.

 

[Dranth]

I don't think you even realize how many jobs revolve around WDW. Not only the 60k Disney CMs, but all the jobs that revolve around Disney guests and those 60k CMs. The Florida economy would not survive the closure of WDW.

This.

I know it was pre-Covid but there was a study about the economic impact Disney had on Florida in 2018 and it was pretty ridiculous just how much money they bring into the state.

"A 2019 study found Disney dominates the Central Florida tourism industry, according to Oxford Economics, and produced:

- $75.2 billion annual economic impact for Central Florida.
- 463,000 jobs.
- $5.8 billion in additional state tax revenue.

The sales tax collected just on the 58 million Disney World tickets sold in 2018 was $409 million. That’s more than what the state will spend this year on school construction and maintenance or the entire Department of Elder Affairs budget."

 

[Surferboy567]

I’m still trying to grapple with the fact that people actually think Florida would survive without Disney. Some of these comments on the news stories (not this forum) for this are hilarious.

 

[Coaster Lover]

I think the idea that Disney would just pick up and leave and either move current assets or just "salt the earth" and raze everything behind them is laughable. If Disney "leaves" (which wont happen), the most logical thing that happens is that someone else comes in and buys everything as is and just runs the park as a Disney park (not dissimilar to TDL, just buying an existing park instead of building one from scratch).

 

[Tony the Tigger]

I’m still trying to grapple with the fact that people actually think Florida would survive without Disney. Some of these comments on the news stories (not this forum) for this are hilarious.

Day one after Disney hypothetically goes poof: new income tax for all Florida residents.

 

[donsullivan]

Disney isn't leaving FL, no matter how this plays out. However, if the final version of the RCID changes result in making it significantly more expensive and/or more difficult for Disney to operate and invest, they may choose to reduce any new development on the WDW site for a while.

 

[LAKid53]

The bold part is the whole ballgame. Only way around that is an amendment to the state constitution to eliminate Disney’s right to representation while continuing to tax them. Seems like a horribly slippery slope to go down. I can’t imagine any corporation even considering moving any jobs to FL if that’s the law of the land. That could have extreme negative long term impacts on the state and local economies.

ANY such amendment will require 60% of those voting in 2024 approving to pass. And such an amendment likely won't. It cannot be targeted towards a single corporation, so broadly written. Every single corporation in the state will make sure its employees understand the measure.

 

[SaucyBoy]

Slippery slope……….for Disney.

State of FL will be just fine. Universal
will be king.

Florida will sink faster than the Atlantic Ocean's eventual reclaiming of the peninsula if WDW closed up shop.

 

[LAKid53]

To put your mind at ease:

1. The jury is still out on this whole situation so DeSantis may not ultimately win unless like me you believe this was all a political stunt done to drum up support and gain donations…..then he’s already won
2. It‘s possible that RCID stays, it’s also possible it’s replaced with something very similar with maybe a few exceptions or a new name so even if RCID dies, RCID part 2 may be seamless to most of us so not a death….a rebirth or maybe a rebranding
3. Even if DeSantis wins and RCID does die completely it won’t end Disney World. Some of the major benefits of RCID from the early years are largely irrelevant today. For example when Disney was a smaller company and less credit worthy being able to borrow money off balance sheet was a bigger deal. Now after the Fox acquisition TWDC has billions in debt anyway so hiding a billion is no big deal. Comcast has had no issues developing Universal (and getting the local county to foot some of the bill for infrastructure). Disney will spend more money lobbying local politicians and will still do new infrastructure projects. There may be less road work projects and they may take longer but it won’t force WDW to close.

All true. The issue will be the provisions of emergency services. Those stations & equipment are owned by RCID. If it ceases to exist - not just be reconfigured - what happens to those buildings and equipment? The reason RCID can respond so quickly to emergencies is because they are right there on property. Orange County FD and ambulance services are not. Does TWDC then lease the buildings, trucks, ambulances, etc., to Orange County?

 

[LAKid53]

Does Florida need approval from RCID/Disney to amend the Reedy Creek Improvement Act to replace the landowner elected Board with a Governor appointed Board? I would think and hope so. Is there something in the Florida Constitution that would pertain to such a scenario?

It would be odd if the Florida legislature could make such a change to the district’s control without the landowners’ permission. But if they were creating a new district with said taxing authority they would need permission.

Under normal circumstances, both parties must agree to any modifications to existing agreements. But one would also have to look at prior court rulings (both state & federal) with regards to a state modifying an agreement for a statutorily created subdivision like RCID.

 

[LAKid53]

Day one after Disney hypothetically goes poof: new income tax for all Florida residents.

Again, that will require an amendment to the Florida Constitution proposed by the FL Legislature. They won't do it, it would be political suicide. And even if it got on the ballot, it would be overwhelmingly defeated. Retirees move to Florida, not just for the weather, but for the lack of a state income tax.

 

[LAKid53]

Disney isn't leaving FL, no matter how this plays out. However, if the final version of the RCID changes result in making it significantly more expensive and/or more difficult for Disney to operate and invest, they may choose to reduce any new development on the WDW site for a while.

TWDC has invested billions in infrastructure alone. WDW is in essence a 43 square mile city in Central Florida. They won't abandon it.

 

[LAKid53]

Florida will sink faster than the Atlantic Ocean's eventual reclaiming of the peninsula if WDW closed up shop.

No, it won't. Florida existed prior to WDW. It however, will need to find another source of revenue to replace what WDW generates for the state.

 

[Santa Raccoon 77]

No, it won't. Florida existed prior to WDW. It however, will need to find another source of revenue to replace what WDW generates for the state.

How about income tax

 

[LAKid53]

Neither the state of FL or Universal would be “just fine” without Disney.

The economy of the state will certainly take a hit. Property values in the area around WDW will probably decline. But people will still move to the state because of weather and lower taxes. State will just need to look at attracting other industries - tech, biomed, etc. It had a growing film industry, but lost that to Georgia.

 

[LAKid53]

How about income tax

Florida Constitution prohibits a state income tax. Voters would have to approve that amendment. They won't.

 

[sedati]

I think the idea that Disney would just pick up and leave and either move current assets or just "salt the earth" and raze everything behind them is laughable.

It's nice to dream though. Even nicer to dream that Florida will have to pay for the move like any other eminent domain claim.

 

[kingdead]

Wait, Chapek was having problems with Florida so he bought land in... East Texas? What was wrong with this man? That has to be a lie.

There HAS to be a place in America that is not constantly hit by hurricanes and has a 70 percent chance of a Democratic governor. Everywhere south of what, Vermont is warm now!