Disney will pay a bit more to the state, maybe not that much, but maybe that much. It will pay nothing towards Reddy Creek, because Reddy Creek will no longer exist. And Florida will pay what Reddy Creek would have paid. At first, this will be a bad deal for Florida, but over time Florida will destroy the infrastructure around Disney, and make it a bad deal for Disney. Disney will shutdown operations in Florida, so it will also be a bad deal for Florida in the long run.
Uh-oh, Reedy Creek will outlast DeSantis!
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Disney will pay a bit more to the state, maybe not that much, but maybe that much. It will pay nothing towards Reddy Creek, because Reddy Creek will no longer exist. And Florida will pay what Reddy Creek would have paid. At first, this will be a bad deal for Florida, but over time Florida will destroy the infrastructure around Disney, and make it a bad deal for Disney. Disney will shutdown operations in Florida, so it will also be a bad deal for Florida in the long run.
Disney was perfectly willing to pay the taxes to Reddy Creek to pay Reddy Creek's debts. DeSantis is getting rid of Reddy Creek, so now Florida has to take on the debts. Florida cannot just tax one company for state expenditures. If it wanted to do that, it would have to setup a special government unit covering just that company's land. They could call it Reddy Creek.
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It's Reedy Creek, yer dope!!
Make no mistake, Disney will have to write off over a hundred billion in investment over the next decade. Florida will lose hundreds of billions to their economy. This is bad for everyone. But it is more bad for Florida.
They always paid all their debts, so they did tax themselves just fine. They took out huge loans for infrastructure, and then paid them no problem. Imagine you get a loan buy a factory, and then with that factory's profits, you payoff the loan. That is a good deal for everyone.
Now imagine DeSantis comes and confiscates your factory. He also has to take the loan payments. But we are not talking about a factory, we are talking about roads and other government infrastructure improvements. They do not generate a direct profit, so DeSantis has just taken over the loan payments, without any profits to pay them.
And now Florida has taken over paying for those services. Some of those services, bond payments, pensions, etc., are super mandatory. Others, road maintenance, schools, etc., are just mandatory. Over time Florida will neglect their obligations, but that gives Disney time to leave Florida.
No, no, no, no. You got that one reversed. Disney because they had a special government unit, got to pay HIGHER taxes. They were glad to do this, because they knew the money would benefit them, and only them. Now they will pay standard, LOWER taxes, and get worse government services.
They always paid all their debts, so they did tax themselves just fine. They took out huge loans for infrastructure, and then paid them no problem. Imagine you get a loan buy a factory, and then with that factory's profits, you payoff the loan. That is a good deal for everyone.
Now imagine DeSantis comes and confiscates your factory. He also has to take the loan payments. But we are not talking about a factory, we are talking about roads and other government infrastructure improvements. They do not generate a direct profit, so DeSantis has just taken over the loan payments, without any profits to pay them.
And now Florida has taken over paying for those services. Some of those services, bond payments, pensions, etc., are super mandatory. Others, road maintenance, schools, etc., are just mandatory. Over time Florida will neglect their obligations, but that gives Disney time to leave Florida.
No, no, no, no. You got that one reversed. Disney because they had a special government unit, got to pay HIGHER taxes. They were glad to do this, because they knew the money would benefit them, and only them. Now they will pay standard, LOWER taxes, and get worse government services.
Good point. I am using Reddy Creek as a catch all example.
Why would Disney want to buy Florida's bonds? You can only impose on a private business so much before they say fuck you, and move on.
Even a cursory look at history would disagree with you. History is full of people banning books, and even current societies ban books. Even liberal democracies find it necessary to ban some books: usually involving child pornography, invasion of privacy, or extremely rare state secrets. It is illegal in the USA to own a book with child pornography, or a book listing all the names of spies for the CIA.
Florida is trying to ban the use of books in schools(public or private), libraries(public or private), in businesses, or at home. They want to ban the selling, purchasing, ownership, and reading of these books. In short, they want to ban books.
Let's say Florida dissolves Miami Beach. Who has to take on Miami Beach's debt, Florida or Mar-a-Lago? Even if the debt was to rebuild the road in front of Mar-a-Lago, it would fall upon Florida. You cannot just switch debts from one entity to another, because you think it would be fair.
It is Reedy Creek's outstanding debt. Disney was going to pay the taxes to Reedy Creek, but now Reedy Creek no longer exists.
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Who says you can't teach an old dog new tricks? Salty has finally spelt Reedy Creek correctly, naturally he tried to get away with it hoping no one would notice!
I was once involved in a legal case along the same lines as Primavera, where a loser claimed that misspelling a company's name voided a contract. It was laughed out of court, with extreme penalties against the plantive.
The spelling does not matter in any substantive sense.
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Maybe you can tell that to the travel company that lost 80% of its business when their Yellow Pages entry was changed from exotic holidays to erotic holidays?
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Retired Teacher
I hope that Walt will get to watch the town hall meeting with Gov. DeSantis which aired last evening....he'll get many of his questions answered...He might even decide to move to Florida!!
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That is a completely different case. If you do not understand the difference, you are truly lost.
Do you really believe it will be a town hall meeting? Seriously? DeSantis has made it a point that he will not do any real town hall meetings, and is strongly against doing any debates again.
Here is an advanced transcript from the "town hall":
Questioner: I am a typical Florida parent, who does not have any children, and works as a political advisor to you, God DeSantis. What can we do to keep teachers from raping our children?
DeSantis: I plan on punishing teachers extremely for any statements or lack of statements supporting me. So if that child rapist is not a Republican, I will go after them. And if they are not a Republican, but did not rape a child, I will still go after them.
Questioner: Thank you God DeSantis for keeping my imaginary children safe from any facts that disagree with us.
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You're a sad man Salty!
An eBay user learned the hard way that fortune (and spelling) can be fickle when he decided to auction a rare bottle of Allsopp’s Arctic Ale, brewed in 1852 and perfectly preserved. The museum-quality artifact of historical hooch should have fetched a small fortune from enthusiasts—if only the seller had spelled the name correctly. Accidentally labeled as “Allsop’s” (missing the second ’p’) in the auction title, the item did not appear when buyers searched for the beer by its proper name, resulting in a mere two bids and a lackluster sale at $304 ($5 more than the original $299 asking price). Eight weeks later, the lucky buyer listed the same bottle on eBay, though spelled correctly this time. After receiving 157 bids, the bottle sold for $503,300. These fake words actually ended up in the dictionary.
Cost of blunder: $502,996
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Retired Teacher
It was last night...and actually watched it again this morning...and yes...it was a well attended town hall...
PostmodernProphet
fully immersed in faith..
no one is switching anyone's debts.......Disney will pay its own debts......Reedy Creek issued bonds......that money was loaned to Disney......do you understand what that means?......
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PostmodernProphet
fully immersed in faith..
Reedy Creek still exists......it just can no longer issue bonds or enjoy special status......the unwinding process will last until all current bonds expire......apparently that is until 2029......
And who will incur the new debts for Reedy Creek?