The Florida Senate's own
financial impact analysis of the bill states that in most cases when a county takes over a special district, it "shall also assume all indebtedness of the preexisting special district." In Disney's case, that could put local governments on the hook for about $1 billion in bond debt.
The state Senate's analysis concluded that the bill would have an "indeterminate fiscal impact" on residents and businesses in special districts, as well as on local governments that will assume debts and assets.
The change promises to shake up the local tax picture, according to Scott Randolph, a Democrat who is the Orange County tax collector.
"If Reedy Creek goes away, the $105 million it collects to operate services goes away," Randolph said
via Twitter. "That doesn't just transfer to Orange County because it's an independent taxing district. However, Orange County then inherits all debt and obligations with no extra funds.
Disney also taxes itself around $53 million each year to service its debt obligations, Randolph said.
The situation quickly prompted warnings that county property taxes will sharply rise. Citing an interview with Randolph, Danielle Prieur of member station WMFE in Orlando
reports, "homeowners here could see property taxes jump by 20% to make up the difference. And even then, it probably wouldn't be enough to cover all the money that would be lost."