Reedy Creek Improvement District Reassures Investors
As you already heard, Ron DeSantis (the governor of Florida) signed a bill that dissolved Disney’s self-governing jurisdiction. Accordingly, the Reedy Creek Improvement District reassures investors with a reminder.
An Important Reminder
The district’s officials reminded investors that Florida must fulfill agreement obligations with investors. This reference is from the document that WESH 2 obtained.
It says, “Pursuant to the requirements and limitations of Florida’s Uniform Special District Accountability Act, which provides, among other things, that unless otherwise provided by law, the dissolution of a special district government shall transfer title to all of its property to the local general-purpose government, which shall also assume all indebtedness of the preexisting special district.”
The document continues with, “In light of the State of Florida’s pledge to the District’s bondholders, Reedy Creek expects to explore its options while continuing its present operations, including levying and collecting its ad valorem taxes and collecting its utility revenues, paying debt service on its ad valorem tax bonds and utility revenue bonds, complying with its bond covenants and operating and maintaining its properties.”
Self-Governing No More
As a self-governing district, Disney ensured that the Reedy Creek Improvement District had water, power, road maintenance, drainage, and public safety. Public safety includes firefighters, paramedics, deputies, and other support staff.
Consequences for Residents
Orange County Mayor Jerry Demings said, “My main concern as the mayor of Orange County is unintended consequences and costs.” Demings has warranted concerns since the financial burden of Reedy Creek lands in the laps of Orange County and Osceola County.
Demings continued, “A lot is undetermined at this point. What I say to everyone is, don’t panic at this time. You know, let’s wait on all of the details, and we’ll just have to see how this all shakes itself out.”
According to the state, Florida’s analysis of the financial impact is uncertain. The analysis reads, “…residents and businesses may experience a change in services previously provided by the special district and related assessments and taxes imposed.”
The Governor Says…
In addition, the governor’s office released a statement. DeSantis’ representatives do not expect tax increases for the residents.
The statement said, “In the near future, we will propose additional legislation to authorize additional special districts in a manner that ensures transparency and an even playing field under the law.”
Soon, there may be new twists to this winding story now that the Reedy Creek Improvement District reassures investors. As always, MickeyBlog will keep you updated with all news regarding this ongoing story, so stay connected!
Article Information: WESH 2
Featured Image: https://www.worldofwalt.com/disney-private-government-disneys-reedy-creek-improvement-district.html
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