Column: In Florida, DeSantis punishes Disney — by giving it a big tax cut
LA TimesRon DeSantis addresses the crowd before signing a bill dissolving the special district created to foster the development of Walt Disney World in 1967. It’s the consequence of the law DeSantis signed that will dissolve the Reedy Creek Improvement District, a special district Florida created in 1967. As a result, there is considerable confusion in Florida over how much the change will cost local taxpayers, how it will affect development on Disney’s property — the company owns pretty much all 27,258 acres lying within Reedy Creek’s bounds, or even how the Legislature’s action might produce a torrent of litigation. The credit-rating agency Fitch, which monitors the credit worthiness of municipal bond issuers like Reedy Creek, did place the district’s outstanding borrowings on negative rating watch after DeSantis signed the law April 22, however. Disney might also find a way to get the Republicans to back off, perhaps by some face-saving change to the Reedy Creek Improvement District terms that will give DeSantis a rhetorical victory while not changing anything really important about Disney’s reign over its 27,000-acre Florida kingdom.