Ron DeSantis will take control of Disney’s Reedy Creek board and rename it

Ron DeSantis escalates the fight against the board of Disney’s Reedy Creek by taking full control of Walt Disney Co’s formerly self-governing special tax district, which encompasses the nearly 40 square miles of Walt Disney World Resort.

Florida’s governor has vowed to take action against the area, which has a five-member board and has operated with the same authority and responsibility as a county government for years — until now.

“Florida is dissolving the corporate empire and entering a new era of accountability and transparency,” DeSantis deputy press secretary told DailyMail.com in a statement.

Florida lawmakers propose in a new bill filed Monday that DeSantis be given full control over the appointment of the five-member board of directors that will oversee the special district. The nominees would then need to be confirmed by Florida State Senators.

The proposed legislation would maintain Reedy Creek’s commitment to nearly $1 billion of outstanding bonds.

Florida Gov. Ron DeSantis is escalating the fight against the board of Disney’s Reedy Creek by taking full control of Walt Disney Co’s formerly self-governing special tax district, which encompasses the nearly 40 square miles of Walt Disney World Resort

The area would also be renamed the Central Florida Tourism Oversight District.

Reedy Creek, which has bestowed extensive designation benefits on Disney for the last half century, is governed by five board members elected by local property owners.

Given that most of the land within the Special District is owned by Disney and its subsidiaries, the company is given unbalanced power over how the territory is run, essentially allowing Walt Disney Co. to operate as a form of government.

The new rules proposed in Monday’s bill would bar anyone with ties to the theme park from serving on the Reedy Creek board of directors.

“These actions ensure a state-controlled district accountable to the people, rather than a corporate-controlled kingdom,” noted Jeremy Redfern, DeSantis deputy press secretary.

Walt Disney World President Jeff Vahle released a statement on the proposed legislation that would reorganize the Reedy Creek Improvement District, saying the company was “monitoring the progress” of the legislation.

The legislation would permanently eliminate Disney’s ability to self-govern the territory, which includes Orange and Osceola counties in Florida.

The head of Walt Disney World has released a statement on proposed legislation that would restructure the Reedy Creek Improvement District and says the company is “monitoring the progress” of the legislation

It would also limit board tenure and make the governor responsible for nominating members — as well as allow Florida to impose taxes and laws over Disney and the district its resort encompasses.

Additionally, the legislation would ensure Disney is held responsible for paying more than $700 million in unsecured debt and ensures it doesn’t fall on Florida taxpayers.

The Reedy Creek Improvement District was created by the Florida Legislature in 1967 and gave Disney special privileges and self-government rights that were targeted by DeSantis.

“That power was tantamount to an unaccountable corporate empire,” Redfern observed.

The bill is the culmination of an ongoing conflict between DeSantis and one of the state’s largest employers.

Source: | This article originally belongs to Dailymail.co.uk