ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Many experts closely following new state legislation on the verge of dissolving Walt Disney World’s Reedy Creek Improvement District wonder if an existing state statute may prevent the move.
If the Legislature were to dissolve an active independent special district, Florida Statute 189.072 enacted in 2015 says the action must be approved by a majority of resident electors in the district or a majority of the governing landowners, etc. -- which primarily would be Disney (NYSE: DIS), in this case.
Many reports have speculated that statute is the shield Disney could wield to counter the impending legislation expected to be signed into law by Florida Gov. Ron DeSantis and do away with Reedy Creek by June 2023.
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