Disney’s Reedy Creek Improvement District Restructuring Bill has Passed the House
The Bill that is set to restructure Disney’s Reedy Creek Improvement District has just been filed with the House of Representatives in Florida.
The 189 Page Bill aims to change the name of Reedy Creek Improvement District to Central Florida Tourism Oversight District.
The bill also states that “Notwithstanding s. 189.0311(2), Florida Statutes, the Reedy Creek Improvement District will not be dissolved as of June 1st, 2023, but continues in effect under its new name.”
“For a transitional period of no longer than 2 years from the effective date of this act, the district may continue doing business using “Reedy Creek Improvement District” as a fictitious name in order to provide sufficient time for the district to make the necessary name change on or to records, contracts, bonds, accounts, physical assets, and wherever else the district’s name is used.”
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Also in the bill, the State of Florida will create a board of supervisors to govern the district and those individuals who have worked for Disney within the past 3 years are unable to sit on the board. Governor Ron DeSantis would be responsible for appointing all five board members, with confirmation from the Senate.
It should also be noted that the outstanding debt, contracts, and tax collection would not be affected, according to the bill, backing Gov. Ron DeSantis’ statements that Orange and Osceola counties would not be responsible for Reedy Creek’s $1 billion in debt.
With the Bill being 189 pages long we are certain more information will be coming out of this Bill for Disney’s Reedy Creek Improvement District.
You can read the whole bill here.
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