Posted on Apr 29, 2022
Disney says Florida would have to pay nearly $1 billion to dissolve special district
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https://www.npr.org/2022/04/28/ [login to see] /disney-world-florida-debt
For almost 55 years, the Reedy Creek arrangement has given Disney near-total control over nearly 40 square miles of land in Central Florida. It operates as a de facto county government, issuing bonds and levying taxes to provide necessities such as water and roads, as well as fire and emergency services. As the state moved against Disney, the district's bond debt quickly became a worry— particularly in Orange and Osceola counties, which the district straddles. That's because the Florida Senate's own financial impact analysis of the bill found that in most cases when a county takes over a special district, it "shall also assume all indebtedness of the preexisting special district."
County officials have been airing their own concerns about suddenly becoming responsible for providing essential and emergencies services to the area.
Maybe they didn't think this through eh? What am I saying....it's FL. Of course they didn't think.
For almost 55 years, the Reedy Creek arrangement has given Disney near-total control over nearly 40 square miles of land in Central Florida. It operates as a de facto county government, issuing bonds and levying taxes to provide necessities such as water and roads, as well as fire and emergency services. As the state moved against Disney, the district's bond debt quickly became a worry— particularly in Orange and Osceola counties, which the district straddles. That's because the Florida Senate's own financial impact analysis of the bill found that in most cases when a county takes over a special district, it "shall also assume all indebtedness of the preexisting special district."
County officials have been airing their own concerns about suddenly becoming responsible for providing essential and emergencies services to the area.
Maybe they didn't think this through eh? What am I saying....it's FL. Of course they didn't think.
Disney says Florida would have to pay nearly $1 billion to dissolve special district
Posted from npr.org
Tallahassee
Public Administration
Education
Republicans
Posted >1 y ago
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The money for those bonds - around a millage rate of 13.57 - disappears when RCID is dissolved. This might result in an initial 50% property tax liability reduction for DVC owners (until any increases from Orange or Osceola counties kick in…)
https://mickeyblog.com/2022/04/25/what-does-repealing-the-reedy-creek-improvement-act-mean-to-disney-vacation-club-members/
https://mickeyblog.com/2022/04/25/what-does-repealing-the-reedy-creek-improvement-act-mean-to-disney-vacation-club-members/
What Does Repealing the Reedy Creek Improvement Act Mean to Disney Vacation Club Members
What does the Reedy Creek Improvement Act mean for DVC members
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Great for DVC owners but still a budget shortfall. I read somewhere else that 2029 was the earliest this dissolution could take place.
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