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April 20, 2022

Breaking: Disney Just Got DEMOLISHED By Ron DeSantis! All Special Tax Breaks Revoked!

TheQuartering [4/20/2022]

According to Deadline:

Florida’s state senate voted to strip The Walt Disney Co. of a 55-year-old special district that has allowed Walt Disney World to largely self-govern its theme park property.

The state’s governor, Ron DeSantis, asked lawmakers to take the step after Disney announced its opposition to the state’s recently passed parental rights bill, which opponents have dubbed “don’t say gay.”

Republicans in the House also are expected to approve the move. It would take effect on June 1, 2023.

The company has not yet commented.

On Tuesday, DeSantis asked state lawmakers to consider a proposal that would repeal certain special districts put in place by the state before 1968. That would include the Reedy Creek Improvement District, established in 1967 to cover Walt Disney World. That status has given Disney self-governing authority over its sprawling property, including on issues like land use and infrastructure.

The Senate’s vote was 23-16.

Meanwhile, California Governor Gavin Newsom weighed in on DeSantis’ attacks on the company, calling it “the move of an authoritarian regime.”

“THIS is what ‘business friendly’ means? We protect free speech in California. We help our businesses grow, thrive, and invent the future. Punishing businesses for speaking out against hatred is the move of an authoritarian regime.”

The parental rights law restricts K-3 teachers from discussing sexual orientation or gender identity with their students, and gives parents the right to sue. Opponents say that the law is too broadly written and is a politically motivated attack on the LGBTQ community.

It’s unclear just how the repeal of the district would impact Disney’s ability to finance and float bonds for different projects, as well as which county would have jurisdiction over the property and who would inherit debt obligations.

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