The feud between the Walt Disney Co. (NYSE:DIS) and Florida Gov. Ron DeSantis detoured into litigation as three state residents filed a lawsuit to block the newly-passed law that will dismantle Reedy Creek Improvement District, Disney’s special tax district.
What Happened: According to combined media reports, two of the residents live in Osceola County and one is from Orange County — the counties that would inherit Reedy Creek’s responsibilities if the tax district is dissolved in June 2023. Reedy Creek operates as a county government, borrowing money for infrastructure projects and maintaining public safety departments, and the residents’ lawsuit claimed their counties would be forced to burden the Reedy Creek bond debt, which is estimated at between $1 billion and $2 billion.
