TALLAHASSEE, Fla. — Gov. Ron DeSantis signed the bill to dissolve Disney’s Reedy Creek Improvement District on Friday afternoon.
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The state House passed the measure on Thursday.
Orange County Tax Collector Scott Randolph said dissolving the district could be a massive financial burden for taxpayers.
“The moment that Reedy Creek doesn’t exist is the moment that that those taxes don’t exist,” Randolph said. “You’re literally taking $163 million a year of taxes that Disney pays for Reedy Creek and wiping it down to zero.”
READ: End of Reedy Creek: Disney won’t pay more taxes, but you will
With the state legislature voting to terminate Disney’s self-governing privileges, Orange and Osceola county taxpayers will have to carry that burden starting next year.
“I don’t see that Orange County doesn’t raise property taxes by 20% to 25%. That’s what Orange County would probably have to do to cover this financial situation.”
Orange County Mayor Jerry Demings said if this moves forward, it will be catastrophic for the budget.
READ: ‘Political retribution’: Demings denounces decision to strip Disney’s self-governing power
“We will have to enter into negotiations. There are some complex issues here that are not yet defined. Based upon the proposed language that I’ve seen, the devils in the details, and we quite simply today do not have the details,” Demings said.
Another interesting point Randolph raises is that this decision could cause companies that plan to move jobs to Florida to reconsider.
The ramifications are enormous.
Read: What would dissolving Disney’s Reedy Creek mean for local taxpayers?
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