Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked

[DBoon]

repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

...

To fund the government services of Reedy Creek, Disney effectively taxes itself. While the precise tax flows of Reedy Creek are unclear, Scott Randolph, the tax collector for Orange County, said the Reedy Creek district collects roughly $105 million annually in general revenue.

On top of the $105 million, Disney also pays local property taxes. Public records show Disney is the largest taxpayer in central Florida, paying over $280 million in property taxes to the counties between 2015 and 2020.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

https://www.cnbc.com/2022/04/21/disney-special-district-florida-taxpayers-could-face-a-1-billion-debt-bomb-if-dissolved.html

[Lovie777]

1. Do the GQP care? .....

[underpants]

2. I've made a huge mistake

[Budi]

5. LOL...

[barbaraann]

3. Orange County, FL votes Dem. I don't think that's just a coincidence. n/t

[Budi]

4. Hmm. Interesting. "Isn't there a Takings Clause aspect to this?"

Link to tweet

Apr 20
Isn't there a Takings Clause aspect to this?

It seems to me that by revoking the agreement, Florida would be taking control (read: ownership) of infrastructure created and funded by a private entity.

So couldn't Disney demand Florida pay full market value for it?
....

If DeSantis follows through on his plan to cancel Disney's special district, he hands them $2B
Not a joke.