You may be reading that Florida Governor Ron DeSantis has signed a law that revokes Disney’s self-governance over Walt Disney World. That is far too simplified and basically not true. After both the House and Senate of Florida voted to dissolve the Reedy Creek Improvement District, the governor has likewise signed the legislation turning it into law. However, the law gives Disney one year to appeal, as well as provides negotiation time for the state and the company. Furthermore, the law dissolves the special district Disney uses to hold massive debt ($1-2 billion), but does not dissolve the two cities which control the district (Lake Buena Vista and Bay Lake). While many news outlets have claimed the outstanding bond debt held by RCID will go to Florida citizens, it seems more likely it will go to the two psuedo-cities Disney controls. The original belief seems propagated by an Orange County tax analyst who may have political motivation in such a probably untrue narrative. Combined, Lake Buena Vista and Bay Lake have less than fifty residents and all the land is owned by Disney subsidiaries.
“They have the ability to build a nuclear power plant without state consent if they want,” DeSantis said Friday. “No individual or no company in Florida is treated this way, and it’s not right to have this similar treatment but you know they had exercised a lot of power over the years.”
— NBC News
#BREAKING: Gov. Ron DeSantis signs bill into law abolishing special districts in the state including the Reedy Creek Improvement District that governs Walt Disney World—potentially totally overhauling how the tourism mecca operates. https://t.co/8akoLcZ0eG pic.twitter.com/AIVfrxiw6z
— Forbes (@Forbes) April 22, 2022
As of publication, The Walt Disney Company has not released a response or statement to the dissolution of Reedy Creek Improvement District.
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