The Walt Disney Company has hit back at Florida Governor Ron DeSantis over his decision to strip the Reedy Creek Improvement District of special privileges, saying that there is a clause in its original contract that stipulates that the state of Florida is responsible for its $2 billion bond debt.
Democrats have slammed DeSantis’ decision as petty retaliation for Disney’s opposition to his so-called ‘Don’t Say Gay’ bill, warning that homeowners could face tax bills if they have to absorb costs from the company, though details are far from clear.
The devil is in the details and we don’t yet today have the details,’ said Orange County Mayor Jerry Demings, whose county is partially home to Walt Disney World.
He added it would be ‘catastrophic for our budget’ if the county had to assume the costs for public safety at the theme park resort.
The winding down of Reedy Creek Improvement District – the name of the private body that oversees the Walt Disney World Resort in Orlando – would leave the state liable for the $2 billion in bond debts currently held by the TWDC.
The dissolving of Reedy Creek could result in households in Orange County and Osceola County will become financially liable for between $2,200 and $2,800 per year for the annual administration costs of Walt Disney World and Disney’s $2 billion bond debt.