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echoradio | 3 years ago
What’s happening in Florida is a good example. The state, which is dominated by the right, called a special legislative session to dissolve a management district overseen by Disney because the company spoke up against the state’s “don’t say gay” bill.
From the state’s standpoint, it doesn’t make sense, though; this action wiped out a tax revenue stream of hundreds of millions and dropped $1B to $2B in debt on the counties Disney property straddles.
Disney has been “punished” in the eyes of the far-right, but residents now have concerns about the long-term impacts of what this decision has wrought.
brnaftr361|3 years ago
echoradio|3 years ago
More details: Disney is one of the largest employers in the state and big contributor in taxes to it’s tourism-driven economy. Disney also oversaw its own land management district (the 27k acres which make up Walt Disney World property was, in essence, its own city with a tiny government to boot).
When the bill passed, Disney didn’t speak up. It was criticized by gay employees and fans (of which there are many!). Disney eventually expressed its opposition to the law.
Florida’s state government has a significant GOP majority and didn’t like this. A special session was called by the legislature to eliminate the laws which gave Disney ability to oversee its land management district. (Other districts were caught up in this as well.)
The problem is, this district has $1B to $2B in bonds that Disney was responsible for. Florida law requires the bonds to be assumed by counties when special districts are disbanded. Unless something else changes, the two counties Disney properties straddles are on the hook for this. It’s estimated it would increase the tax burden to over $2,000 for every resident in those counties.
To give you a sense of how quickly this moved, Disney’s CEO publicly came out against the law on March 9. Florida eliminated Disney’s special district this past week.