Disney tells investors it is business as usual in the Sunshine State, despite feud with governor and lawmakers.
The Republican governor responded by seeking to tarnish Disney as"woke," and moved to end the special status that allows the resort to effectively run as its own municipal government on the 39-square mile property it owns, called the Reedy Creek Improvement District.
As a result, the bid to disband the special tax district in Orange and Osceola counties would break an agreement made by Florida when it created the district in 1967, the company signaled. Florida is contractually obligated not to get involved with the district until the bond debt is paid off, Jacob Schumer, a municipal attorney with Maitland, Florida, law firm Shepard, Smith, Kohlmyer & Hand, told CBS MoneyWatch.
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Disney tells investors that Florida is out of lineThe company says the state can't dissolve its private government under current circumstances.
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Disney tells investors Florida can’t dissolve special district without paying $1 billion debtIn essence, the state had a contractual obligation not to interfere with the district until the bond debt is paid off, experts said.
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Disney Strategy Is to Stay Silent to Soften Florida Gov. Ron DeSantis’s BlowThe governor surprised the company and many fellow Republicans as he pushed them to eliminate Disney’s longtime tax benefits after a clash over a law limiting classroom discussions of gender and sexuality.
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Disney says Florida can't dissolve theme park's special tax statusCompany tells investors it is business as usual in the Sunshine State, despite feud with governor and lawmakers.
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Disney says Florida can’t dissolve special tax district until debt is fully paidDisney is fighting back at efforts by Florida lawmakers to repeal the special district that governs Walt Disney World, saying a provision in a state law could prohibit such a move.
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Disney-governed district in Florida responds to efforts to dissolve itThe 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.
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