When Florida Republicans approved a bill to strip Disney of its special tax privileges in, they failed to address a key question: Who's responsible for paying back nearly $1 billion in municipal debt used for infrastructure around Disney World?
Stripping Walt Disney Co. of its special taxing privileges leaves investors wondering who pays back almost $1 billion of municipal bonds
Since 1967, the Florida land housing Disney’s theme parks has been effectively governed by the company, allowing it to manage Walt Disney World with little red tape. WSJ’s Robbie Whelan explains the special tax district expected to dissolve next year under a new Florida law. Photo: APWhen Florida Republicans approved a bill to strip Walt Disney Co.
Florida law dictates the bondholders must be paid even if Disney’s special taxing district, known as Reedy Creek, is dissolved. A separate law creating Reedy Creek promised bondholders the state wouldn’t interfere with its tax collections. One of the bill’s sponsors is now considering re-establishing a watered-down version of Reedy Creek to unwind the legal mess.
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