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

[Sirwalterraleigh]

uhh... yeah, it's called the future. I haven't been there. But I do know that people saying 'it will all come from your property taxes' are pretty much guaranteed to be wrong. The counties aren't incentivized to punish everyone to help Disney - they are going to be the flip of that.

Isn't that exactly what’s gone wrong in Anaheim?

When local governments start to take stabs at big dog companies who’s stocks generating free money for investors all over the world that don’t set foot in the place…it’s a declaration of war

 

[World_Showcase_Lover007]

The Golden Oak people?

Land used for Golden Oak homes was automatically deannexed from RCID when the home was purchased. Therefore they have no say and aren’t residents of Reedy Creek/Bay Lake/LBV.

 

[HauntedPirate]

It’s not happening…it’s grandstanding…but bad PR for Disney tends to lead to investors losses…and isn’t that the whole end game?

*Checks DIS stock after hours*

If I was into conspiracy theories, I’d float the idea that this is DeSantis trying to get $lappie fired.

 

[ᗩLᘿᑕ ✨ ᗩζᗩᗰ]

*Checks DIS stock after hours*

If I was into conspiracy theories, I’d float the idea that this is DeSantis trying to get $lappie fired.

It's still overvalued. Got to drop to 100 before that happens. But yeah, certainly "helps"

 

[HauntedPirate]

It's still overvalued. Got to drop to 100 before that happens. But yeah, certainly "helps"

I read recently that streaming is quickly losing “steam” as a stock driver in general. The realities of streaming are apparently quickly setting in - They are expensive to maintain and don’t generate a ton of revenue.

 

[Vegas Disney Fan]

So I guess these costs are passed on to the taxpayer?
Who cares? As long is I am not affected, right ?

Has anyone actually seen a non partisan pros and cons breakdown?

I’ve read articles saying this will harm the state because $2 billion in Disney debt will instantly become Florida debt, I’ve also read articles saying this will harm Disney because they’ll pay upwards of $500 million more a year in taxes to the state.

I can’t find an unbiased article that has looked at everything and broken down if this will be beneficial/damaging to Florida, beneficial/damaging to Disney, or beneficial/damaging to both.

 

[GimpYancIent]

I read recently that streaming is quickly losing “steam” as a stock driver in general. The realities of streaming are apparently quickly setting in - They are expensive to maintain and don’t generate a ton of revenue.

NETFLIX is running into that issue now. They peaked and are now sliding.

 

[Lilofan]

And it’ll be answered the same way it always is. Tourism taxes. An extra point or two on your hotel night. Your Cruise. Your theme park ticket. Your Uber ride or rental car. Your parasailing adventure. Your merengue lessons on South Beach Your campsite. And so much more....

And the hotel room will still be half cleaned if that.

 

[GimpYancIent]

Has anyone actually seen a non partisan pros and cons breakdown?

I’ve read articles saying this will harm the state because $2 billion in Disney debt will instantly become Florida debt, I’ve also read articles saying this will harm Disney because they’ll pay upwards of $500 million more a year in taxes to the state.

I can’t find an unbiased article that has looked at everything and broken down if this will be beneficial/damaging to Florida, beneficial/damaging to Disney, or beneficial/damaging to both.

Good luck in finding a truly non-partisan anything on this issue.

 

[HauntedPirate]

NETFLIX is running into that issue now. They peaked and are now sliding.

It will all settle out eventually, but I expect several majors to combine services sooner or later.

I imagine $lappie and a few others are having some heartburn right now around D+, specifically content costs plus the reduction in focus on subscriber numbers. DIS stock was quite inflated due to their predicted sub numbers. And now it’s at a 52-week low.

 

[LAKid53]

Which is highly likely and not abnormal at all. By its very nature the whole property of concern is unique and easily identifiable and isolatable as needing special overlays. Huge source of revenue right there that can be targeted without impacting others.

Plus, not only are you shifting services, you are also shifting revenue paid to the district for services to their county equivalent. Disney isn't going to magically get fee free permiting etc.

Disney can also be a good neighbor and reduce the county burden through it's own funded initiatives (fire, police, etc).

I mean.. we know RCID's operating budget... we have the napkin numbers to work with. No individual tax payer is going to be paying thousands more per year because RCID wound down elsewhere.

No one is saying Disney will get free permitting services from either Orange or Osceola Counties. But if Reedy Creek is dissolved in 2023, Disney is going to make darn sure it gets a special tax deal if either or both counties recreate Reedy Creek for their jurisdictions. Disney will also insist the level of services provided be what Reedy Creek's was.

 

[Tom Morrow]

I'm confused, is this actually officially happening? Or does this district itself have a say?

 

[Lilofan]

I'm confused, is this actually officially happening? Or does this district itself have a say?

FL Senate passed the bill, waiting on FL House to vote. Just a matter of time....Be careful what you wish for...

 

[LAKid53]

Has anyone actually seen a non partisan pros and cons breakdown?

I’ve read articles saying this will harm the state because $2 billion in Disney debt will instantly become Florida debt, I’ve also read articles saying this will harm Disney because they’ll pay upwards of $500 million more a year in taxes to the state.

I can’t find an unbiased article that has looked at everything and broken down if this will be beneficial/damaging to Florida, beneficial/damaging to Disney, or beneficial/damaging to both.

Here's statute on how assets and debts will be handled should a new district be created by the counties.

Statutes & Constitution :View Statutes : Online Sunshine

 

[LAKid53]

I'm confused, is this actually officially happening? Or does this district itself have a say?

Session ends Friday. House is expected to vote Thursday on Senate's version of the bill passed today - SB4-C.

 

[flynnibus]

Has anyone actually seen a non partisan pros and cons breakdown?

I’ve read articles saying this will harm the state because $2 billion in Disney debt will instantly become Florida debt, I’ve also read articles saying this will harm Disney because they’ll pay upwards of $500 million more a year in taxes to the state.

I can’t find an unbiased article that has looked at everything and broken down if this will be beneficial/damaging to Florida, beneficial/damaging to Disney, or beneficial/damaging to both.

in FY21 RCID budgeted $58M for their debt servicing. That's the big debt number everyone should really be talking about.. as it reflects in practice what the debt means in terms of cost.

The biggest operating expense for RCID is labor - of which many would become redundant in a non-RCID world so large portions of that would simply disappear.

RCID's total income (including tax and fees) is only about $150M/yr.

 

[some other guy]

Has anyone actually seen a non partisan pros and cons breakdown?

I’ve read articles saying this will harm the state because $2 billion in Disney debt will instantly become Florida debt, I’ve also read articles saying this will harm Disney because they’ll pay upwards of $500 million more a year in taxes to the state.

I can’t find an unbiased article that has looked at everything and broken down if this will be beneficial/damaging to Florida, beneficial/damaging to Disney, or beneficial/damaging to both.

all I've seen so far is "Local Dem Says GOP Thing Bad" or "Local GOP Says GOP Thing Good"
Has Sabatini commented? He's usually pretty comfortable going off the GOP ranch if he doesn't like a budget or something. He might be a decent bellwether about it?
but away from those ...

Now it's time~
to say goodbye~
to our R C I D...

 

[flynnibus]

No one is saying Disney will get free permitting services from either Orange or Osceola Counties. But if Reedy Creek is dissolved in 2023, Disney is going to make darn sure it gets a special tax deal if either or both counties recreate Reedy Creek for their jurisdictions. Disney will also insist the level of services provided be what Reedy Creek's was.

They can huff.. and puff.. and do what at the end of the day?

 

[Sirwalterraleigh]

It's still overvalued. Got to drop to 100 before that happens. But yeah, certainly "helps"

Dead on…


In other news: the prices at Raceway next to Boardwalk gonna go up!

DeSantis’s Rush to Battle Disney Puts $1 Billion of Muni Debt in Question

(Bloomberg) -- Florida Governor Ron DeSantis’s move to escalate a dispute with Walt Disney Co. by terminating its iconic theme park’s special privileges leaves $1 billion in municipal debt hanging in the balance. Even the bill’s Senate sponsor said it’s too soon to say exactly who would pay back...

finance.yahoo.com

 

[LAKid53]

NETFLIX is running into that issue now. They peaked and are now sliding.

Not that I wish to go off topic, but wasn't Netflix's loss of subscribers due in part to loss of content as competitors pulled their content when starting their own service, password sharing and the situation in Ukraine impacting subscriber growth?