The Walt Disney Company's special governing district in Florida has responded to a new law seeking to dissolve it, saying the state would be on the hook for the district's current outstanding debt obligations of approximately $1,000,000,000.
The Walt Disney Company's special governing district in Florida has responded to a new law seeking to dissolve it, saying the state would be on the hook for the district's outstanding debt obligations of about $1 billion.
The Reedy Creek Improvement District was established in 1967 by Disney and the state as a way for the entertainment giant to raise its own revenues to pay for municipal infrastructure expenses like roads, waste services, fire safety and water at Disney World. Reedy Creek issues bonds and levies taxes on properties within its boundaries, which border the Orlando area, effectively on behalf of Disney.
The dissolution act was passed in response to Disney’s stance on the so-called Don’t Say Gay law, which restricts teaching children about gender and sexual orientation.Reedy Creek's new statement reflects some experts’ comments that Florida taxpayers could end up paying for the district's outstanding obligations if Disney were to lose control of it.
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