Florida Governor Ron DeSantis signed legislation Monday effectively giving him control of Walt Disney Co.’s special municipal district, part of a strategy fueling his widely expected 2024 White House bid.
(Bloomberg) — Florida Governor Ron DeSantis signed legislation Monday effectively giving him control of Walt Disney Co.’s special municipal district, part of a strategy fueling his widely expected 2024 White House bid.
The law, introduced in a special legislative session, gives DeSantis the power to appoint all five board members of the formerly named Reedy Creek Improvement District, pending state senate approval. The legislation also removes some of the district’s sweeping powers but keeps in place its obligation to pay about $1 billion of outstanding bonds.
The new board will “make sure the debt is retired properly, maybe even accelerating retiring the debt,” DeSantis said in a press conference in Lake Buena Vista, Florida, part of the 38.5 square miles (99.7 square kilometers) of land that houses Disney’s Florida theme parks.
“It seems to me a contradiction to say that Disney, as a corporation is responsible for the debt, and than proposing some form of acceleration,” said Eric Kazatsky, senior US municipals strategist for Bloomberg Intelligence. Without the option of refundings, “this would perhaps leave cash defeasance, which would be a pure business decision on Disney’s part and not really an acceleration for bondholders,” he said.
DeSantis, 44, said he would like to see the special district dissolved altogether at some point as long as there’s “no burden to taxpayers.”
The district was also renamed by the law and will now be called the Central Florida Tourism Oversight District.
DeSantis announced the makeup of the new five-person governing board that is expected to meet for the first time next week. The chair will be Martin Garcia, of Tampa-based family office Pinehill Capital Partners — a firm listed as having contributed $50,000 to DeSantis reelection campaign last year, according to campaign finance filings.
Also joining the board is Bridget Ziegler, co-founder of Moms for Liberty, a conservative parents-rights group that says it has chapters in 43 states, who backed Florida Parental Rights in Education Act. The 2022 law, which restricted discussion of gender identity and sexual orientation in kindergarten through third grade, was criticized by Disney, which in turn led DeSantis to retaliate with the changes on the company’s tax district.
Read More on Bridget Ziegler’s Education Agenda
“We want our kids to be able to enjoy entertainment without having an agenda imposed on them,” DeSantis said.
The other three board members are two attorneys, Brian Aungst Jr. and Michael Sasso, and Ron Peri, who founded airline software providers Radixx and now manages an organization whose “primary focus is a weekly Zoom call called The Gathering Forum/The intersection of faith and culture,” per its website.
DeSantis’ feud against Disney is part of a larger strategy to bolster his national presence ahead of an expected 2024 presidential bid, which he hasn’t yet announced. He’s launching a book this week and met with 150 donors in Palm Beach over the weekend, while targeting what he’s ridiculed as a so-called woke agenda supporting environmental, social and governance principles.
(Adds details on new board members starting in seventh paragraph.)
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