Wednesday, April 5, 2023

DeSantis’ Reedy Creek board says Disney stripped its power

Walt disneyThe Central Florida Tourism Oversight District, formerly known as the Reedy Creek Improvement District, is the special taxing district for the land belonging to Walt Disney World Resort, which was created in 1967 by a special Act of the Florida Legislature. In February, Florida Governor Ron DeSantis signed a law granting state control over the district, permitting the governor to appoint all five board members and change the district’s name. 

As expected, DeSantis replaced all Disney-allied board members. Ahead of the takeover, the Walt Disney Co. pushed through a pact and restrictive covenant to tie the hands of the future board for decades. The new board has now voted to bring outside legal teams to examine the agreement.

The declaration will be examined for a violation of the rules against perpetuity. Language included in the agreement claims it is valid until “21 years after the death of the last survivor of the descendants of King Charles III, king of England living as of the date of this declaration.”

For more information see Skyler Swisher “DeSantis’ Reedy Creek board says Disney stripped its power” Orlando Sentinel, March 29, 2023.

Special thanks to Deborah Matthews (Virginia Estate Planning Attorney) for bringing this article to my attention.

Estate Planning – Generally | Permalink


Post a comment