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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Florida governor now oversees Disney district board.

Disney theme park.
Photo Credit: Walt Disney Photo Credit: Walt Disney
Disney theme park.
Photo Credit: Walt Disney Photo Credit: Walt Disney

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The Florida legislature awarded Republican Governor Ron DeSantis complete power over the board that controls building near Walt Disney Company’s (DIS.N) Florida theme parks on Friday.

When Disney publicly clashed with DeSantis a year ago over a measure that restricts the teaching of sexuality and gender identity in schools, sometimes known as the “Do not truly Say Gay” bill, the firm became a target of state Republicans.

On Friday, the Florida legislature passed a bill that would form the Reedy Creek Improvement District, a semi agency with the ability to manage the 25,000 acres around the Walt Disney World resort.

The governor might appoint five district supervisors and the senate will approve members,

However they will not be involved in the daily management of the amusement parks.

Bryan Griffin, a spokeswoman for DeSantis, said that the previous system, in which the Florida government granted Disney exclusive authority over the district in 1967, lacked accountability.

“Florida is entering a new age of responsibility and openness,” he remarked.

According to Themed Entertainment Association, Disney World is the major employer in Florida with up to 75,000 workers and attracted 36,2 million visitors in 2021.

Last year, the legislature chose to disband the special region, which for more than half a century provided Disney the authority to govern itself by providing fire protection, water, sewage, and trash collection services, as well as infrastructure.

The decision, which was seen as revenge for Disney’s then-CEO Bob Chapek’s opposition to a state bill restricting school discussion of LGBTQ matters, had unanticipated effects.

Tax professionals and lawmakers warned that the elimination of the district in June 2023 would leave county taxpayers responsible for about $1.2 billion in bond debt.

The new legislation protects the Reedy Creek special board, however in two years it will be renamed the Florida Tourism Oversight District and have the ability to collect taxes, pay off debt, and provide a variety of government services. It is forbidden for the district to operate its own airport or to construct nuclear power plants.

Additionally, the law prohibits anybody having links to theme parks during the last three years from sitting on the board.

Jeff Vahle, president of Walt Disney World, lauded the Reedy Creek area, stating that it had contributed to the growth of the theme park and the state’s economy. He stated in a statement, “We are focused on the future and prepared to operate within this new framework.”

On Friday, the state Senate discussed the measure for almost an hour, with a few senators expressing dissent.

 

 

 

 

 


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