Florida Bond Director: Reedy Creek Improvement District Likely To Be Re-Established

    According to a report from Bloomberg, Ben Watkins Director of Florida’s Division of Bond Finance, says that the Reedy Creek Improvement District will likely be re-established as a new district by lawmakers.

    It seems like an eternity from now, but on June 1, 2023, the Reedy Creek Improvement District will be dismantled…maybe. A hastily signed bill aims to dissolve the Reedy Creek Improvement District, but the DeSantis-championed bill likely faces a mountain of legal challenges. There are numerous legal avenues that Disney could pursue to keep the Reedy Creek Improvement District intact, but the question is: will they?

    One of the big sticking points with dissolving RCID, beyond the legal feasibility, is the $1 billion of bond debt that the district has issued. How would that debt be taken care of? DeSantis is convinced that Disney will pay for it all despite there being no current legal requirement that they pay for a dime of it.

    Watkins envisions a new district with more limited powers than RCID currently has, but he wants to ensure bondholders that the debt is good and that he believes that it will be assumed by the new successor district. “The debt will be transferred and assumed by — with the same terms and conditions — the successor entity”, Watkins said.

    Fitch Ratings placed the Reedy Creek Improvement District on “Negative Watch” back in April amid the uncertainty of DeSantis’ actions.

    As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!

    Mike
    Mike
    Mike is the owner and writer for BlogMickey.com. Visiting the parks daily allows him to keep up with the latest Disney news, reviews, and photos from around the Disney Parks. You can reach him at [email protected]

    1 COMMENT

    1. Desolving the Reedy Creek Improvement District by Deathsantis was a shallow stunt by a governor with arrested development.
      Like other Deathsantis moves who benefits ? Not the State,District or his constituents. It was a cheap political stunt by a bully who should not be in a position of power.
      Disney should call his bluff and leave him holding the bag on the debt situation. Let Deathsantis pay for his lack of vision or forethought.

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