Disney opposes efforts by Florida lawmakers to remove the special district governing Walt Disney World, saying a provision in state law could prohibit such a move. The special regime, known as The Reedy Creek Improvement Act, was signed in 1967 in response to lobbying efforts by the entertainment giant. At the time, Disney proposed building a leisure-oriented development on 25,000 acres of property in a remote area of Orange and Osceola County in Central Florida, consisting of 38.5 square miles of largely uninhabited pastures and swamps. Orange and Osceola County did not have the services or resources needed to complete the project, so the state legislature partnered with Disney to establish the Reedy Creek Improvement District, a special tax district that allows the company to operate with the same power and responsibility. as a prefectural government. BINDER SIGNS A HOSPITAL REMOVING THE DISNEY LOCAL GOVERNMENT STATEMENT The newly painted Cinderella Castle in the Magic Kingdom at Walt Disney World is displayed with the emblem to celebrate the 50th anniversary of the theme park on Monday, August 30, 2021, at Lake Buena Vista, Florida. Disney counters move to abolition (AP Photo / John Raoux, Archive / AP Newsroom) In a public statement posted on the Municipal Securities Rulemaking Board website on April 21, Reedy Creek cited a statute that says Florida “will not restrict or change the rights of the District … until all of those bonds are with them.” their interest. .meet fully met and discharged. “ “In light of the State of Florida’s commitment to the District’s bondholders, Reedy Creek expects to explore its options while continuing its current operations, including the collection and collection of value added tax and revenue collection. utility, payment of debt service on its ad valorem tax bonds. “and utility income bonds, complying with its bond agreements and operating and maintaining its real estate”, the announcement continues. The message is the first since Disney became embroiled in a public dispute with Governor Ron DeSadis over its public opposition to the Parental Rights in Education Act. Kaltbaum Capital Management President Gary Kaltbaum has given his opinion on investing in Disney as the controversy escalates over the company’s statement on the Florida Parental Education Bill for “Make Money.” DeSantis has pushed the company many times and vowed to oppose the “awakening” it says the company is promoting. Last week it signed a measure to dissolve the Walt Disney World government. GET FOX BUSINESS IN ENGINE BY CLICKING HERE FOX Business contacted the office of Disney and DeSantis for comment. Fox Business’s Kyle Morris contributed to this report.
