discussion Florida Republicans To Cancel $2 Billion Debt for Disney, Pass the Cost onto Public

[Pie-kun]

 

Quote

Residents of two Florida counties could end up footing the bill if the state abolishes a special district that has allowed the Walt Disney Company to operate its own local government.

State Senate Minority Leader Gary Farmer, a Democrat, warned on Tuesday that residents of Orange and Osceola counties may have to assume Disney's liabilities of anywhere between $1 billion and $2 billion if the Reedy Creek Improvement District is dissolved. Efforts to dissolve Disney's special district, along with five others, come amid Republican criticism of the company for its public opposition to a controversial new education law that critics have dubbed the "Don't Say Gay" law. Florida Governor Ron DeSantis, who is seen as a future presidential contender, called on lawmakers to revoke the special status of the Reedy Creek Improvement District amid the ongoing dispute between Disney and his administration over the Parental Rights in Education law.

Republicans, who control both chambers of the Florida state legislature, have brought forward a pair of bills to revoke the special status Disney has enjoyed since 1967 in governing the area in central Florida where Walt Disney World is located. Democrats in the state Senate proposed an amendment to that chamber's bill on Tuesday that would have required a study to be conducted about the potential impact of the proposed law, rather than ending the special status after a year, as the bill states. The amendment was defeated in a voice vote.

"The debt service alone for Reedy Creek is over $1 billion," Farmer said. "This bill makes no provision as to how that debt service is going to be assumed." The Democrat pointed to another law that said that local government entities would have to pick up the debt of special districts that are dissolved. The Reedy Creek Improvement District has a long-term bonded debt of $977,215,801, according to its 2021 annual financial report. "So this is not supposition, this is not conjecture, this is Florida law that says those 1.7 million people are going to have to pick up this bill," Farmer said, adding that the $1 billion figure doesn't include other items covered by the district, citing fire fighter services and parking garages, among other services. "All totaled, we're probably talking about $1.5 to $2 billion of obligation - of liabilities," Farmer said. He went to say that "the debt service alone would amount to $580 per person." "Family of four just got hit with a $2,200 tax bill," Farmer said.

State Senator Jeff Brandes, a Republican, also expressed worries over Disney's liabilities, saying: "My concern is this bill essentially wipes away Disney's $2 billion of debt," adding: "If the legislative intent here is ultimately to attack them, then why would we want to cancel $2 billion of debt?"

 

tl;dr Republicans in Florida are passing a bill to punish Disney for opposing the "Don't Say Gay" bill but the provisions of the bill make it so that Disney's $2 billion tax debt will be shifted onto the taxpayers.

Edited April 20, 2022 by Pie-kun

[EnigmaticAndroid]

I swear to God, this state hits rock bottom and they just get a power drill to dig deeper 

[Bloodflowers.]

Lmao Republicans and their obsessions with culture wars

[byzantium]

I wish the government would punish me by eliminating my debt.   Come on Uncle Sam, I've been really bad and need to be taught a lesson!  

[Pie-kun]

 

And there's more. If this bill passes, Orange County, FL will lose the $100M+ in revenue that it gets from Disney's taxes that help pay for schools, hospitals, roads, firefighters, paramedics etc. This is on top of the $2B in Disney debt that they will be forced to take on.

 

And let's be clear: there are plenty of people in FL who support efforts to make Disney pay their fair share. This effort is not that. It's a performative bill that's being rammed through in a matter of days and will harm the public as much as it does Disney. Democrats in the legislature have asked for more time on this bill so these provisions can be fixed but they were blocked. 

 

It has already passed the Florida Senate and is expected to pass the House and arrive on Desantis' desk in a matter of days.

 

 

Edited April 20, 2022 by Pie-kun

[Bosque]

Nationalizing billions in private debt to own the libs

Edited April 20, 2022 by Dephira

[arceus]

Time to buy Disney stocks I guess

[magazine]

what does this mean?

apart from Disney being evil, wbk 

 

[808s]

Just give us the damn asteroid, we've failed so hard

[James_Dean]

One day everything will come back to bite Florida so hard in the ass 

[Robert]

They will literally clear a deb for one of the richest companies in the worlds but would happily see people go bankrupt over student debt.

[XAMJ]

LMAO and the funny thing is that their base WONT care cause they rather be faux outraged. 

[aesthetic bih]

1 hour ago, 808s said:

Just give us the damn asteroid, we've failed so hard

Preferably on the Disney HQ, advance thanks universe!

[Communion]

Suddenly my name is Disney.