Speyside2 wrote:So I found this in a Forbes article. Orange county will have to pick up 163 million of annual expenses and 1 billion of debt when Disney is no longer a special district. This will cause property taxes in Orange county to increase 20 to 25 percent.
I think we can all agree that Orange County will become a desolate wasteland and we will all lament the day that the cultural Mecca that it is ceases to exist. Just remember that Le HockeyDad and MACSW are buying. (Albeit at a severe discount to market price due to the impending doom and whatnot.)
With that being said, anyone notice why the narrative is all about all these services and costs transfer to Orange County and the magic revenue vanishes. That’s the whole premise as to why Disney’s corporate welfare (which Democrats hate) must remain.
Now go to Google Maps: Google Lake Buena Vista FL. Now Google Bay Lake FL. Now Google Celebration FL. You’ll notice these three cities. Now look at the boundary of Reedy Creek Improvement District. Notice the almost perfect overlap. When RCID is dissolved the services it provided revert back to the cities, not the county. Remember that whole city, county, state hierarchy thing?
OK so RCID has bonds, or in corporate terms, poison pills. RCID also has assets. Fire, water, sewer, electricity. Sell the assets to pay off the bond. Or transfer the assets and bonds to a new entity like the underlying cities.
Disney is not going to dissolve those cities or Orlando and Kissimmee will race to annex the whole franking thing. Walt and Roy Disney were brilliant to carve out their own county equivalent and cities. They just didn’t bargain on future CEOs betting the company on Tranny Tuesday in kindergarten classes, sponsored by Disney.