It seems Mickey Mouse will no longer rule Reedy Creek, Florida. Florida Governor Ron DeSantis has signed a bill that will give Florida State control over The Walt Disney Company’s (DIS) Disney World’s self-governing district in Reedy Creek.
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DeSantis declared after signing the bill, “The corporate kingdom finally comes to an end.”
As a part of this move, DeSantis will be able to appoint a five-member board for this district. This Board will oversee the Reedy Creek Improvement District, which has its own tax and bond authority. This district will no longer be exempt from certain state codes and regulations.
The Reedy Creek Improvement District, which was created in 1967, enables Disney to make its own planning and zoning decisions on which the Walt Disney World is located, and the company was granted various exemptions from regulations, taxes and fees in this district.
DeSantis’ latest move follows a tussle between Disney and the Florida legislature last year regarding the “Don’t Say Gay” bill. The bill was introduced last year and limited discussion in Florida classrooms regarding sexual orientation and gender identity. At that time, Disney had taken a stand against the bill.
Analysts remain bullish about DIS stock with a Strong Buy consensus rating based on 17 Buys and three Holds.
