Disney's 'on probation' amid DeSantis' idea to repeal Reedy Creek Improvement Act, official warns
Florida Chief Financial Officer Jimmy Patronis provides insight on Disney’s special district and the baby formula shortage in the US
Florida CFO Patronis: Disney’s ‘on probation’
Florida Chief Financial Officer Jimmy Patronis argues if Disney ‘colors outside the lines’ amid self-governing status there may be consequences from the Florida legislation.
Florida Chief Financial Officer Jimmy Patronis warned Tuesday that Disney is "on probation" as Gov. Ron DeSantis and some Republican state legislators have surfaced the idea of repealing the Reedy Creek Improvement Act (RCIA).
"[Disney’s] on probation…If they color outside the lines, then there’ll probably be more questions of what can be done to ensure that they are still the type of partner that they were when that legislation was originally crafted," Patronis told "Cavuto: Coast to Coast."
Patronis’ comments come on the heels of DeSantis signing a bill that dissolved Walt Disney World’s special governing power in the state last month after the company announced public opposition to a new parental rights law in the state.
DESANTIS SUGGESTS STATE WILL ASSUME CONTROL OF DISNEY WORLD'S REEDY CREEK IMPROVEMENT DISTRICT
Disney has held a self-governing status for more than 50 years.
Florida CFO Patronis on Disney and DeSantis feud, baby formula shortage
Florida Chief Financial Officer Jimmy Patronis provides insight into Disney’s special district and the baby formula shortage in the U.S.
Meanwhile, the Reedy Creek Improvement District is a special taxing district where Disney acts with the same authority and responsibility as a county government. The Reedy Creek Improvement Act was signed into law in May 1967 by Gov. Claude Kirk in response to lobbying efforts by Disney.
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The Reedy Creek Improvement District is set to dissolve in June 2023, but it's still unclear who will assume control and who will be responsible for the jurisdiction's roughly $1 billion in debts.
Florida Chief Financial Officer Jimmy Patronis told FOX Business that Disney’s ‘on probation’ amid DeSantis' idea to repeal Reedy Creek Improvement Act. (Photo by Jeff Bottari/Zuffa LLC / Getty Images)
FOX Business’ David Asman asked Patronis how Florida taxpayers can avoid getting a bill for the Reedy Creek Improvement District's roughly $1 billion in debt.
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"Disney and Reedy Creek, this relationship still exists until next year. I do not see anywhere that this is going to change, as Disney is going to be obligated for that debt," Patronis explained.
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"The legislature is going to meet again at least two more times between now and that 2023 deadline, where any of this could be manipulated to ensure Disney still pays the debts they originally applied for… Disney has got some expectations. The Florida legislature has got some expectations, and we'll see how that unfolds over the next year."
FOX Business' Paul Best and Lucas Manfredi contributed to this report.