Have you ever wondered what it would be like if Disney had its own kingdom? Well, wonder no more! On Monday, Florida Republicans passed legislation that will allow Governor Ron DeSantis to appoint all five leaders of Disney’s tax district in Orlando and officially rename the district. This means that the Reedy Creek Improvement District will be known as the Central Florida Tourism Oversight. Read on to learn more about this exciting new development and what it means for Disney’s future.
The bill will permanently eliminate Disney’s self-governing status, impose a state-controlled, term-limited board on Disney and its property, and allow the state to impose taxes on Disney for possible road projects outside of the District’s boundaries. It also ensures that Disney pays the $700+ million in unsecured debt – not Florida taxpayers – and prevents Disney from gaining more land by eminent domain.
In addition, the bill provides no control of the district to the leftist local government in Orange County, which threatened to leverage the situation to raise local taxes, and imposes Florida law so that Disney is no longer given preferential treatment. Finally, it creates an avenue to compel Disney to contribute to local infrastructure.
It’s clear that the legislation is a huge step forward in terms of accountability and transparency for Disney. And it’s also clear that Disney was not happy about it. Jeff Vahle, President of Walt Disney World Resort, said in a statement that the company was closely watching the legislation.
So what does this mean for Disney’s future? We’ll have to wait and see, but one thing is for sure – the days of Disney’s “Corporate Kingdom” are over! This is an exciting development for Disney fans and Florida residents alike, and we can’t wait to see what happens next.