In today's meeting of the Central Florida Tourism Oversight District, board members spent almost three hours discussing an audit that was commissioned to investigate the financial and governance of Disney's Reedy Creek Improvement District.
CFTOD chairman Martin Garcia said that for many years, Disney did not pay impact fees within the district, resulting in the surrounding area bearing the financial burden for public services. He claimed that Reedy Creek failed to fulfill promises to Florida, such as creating housing, which has caused avoidable quality of life issues for district employees. It should be noted that Disney has a project underway to bring 1,300 units to 80 acres of land in southwest Orange County, Florida, for an affordable housing development.
The CFTOD commissioned audit also details what it says are inappropriate tactics by Disney, leading to benefits at the expense of local taxpayers, vendors, and even the federal government. It alleges that Disney sold utility operations to the district at potentially unfair prices and concealed tax income.
Speaking of the original 1967 Reedy Creek Improvement District act, Garcia said it was a "Pandora's box, a curse disguised in the form of a beautiful gift. Now that the truth is out, Florida lawmakers and government officials should expel the curse with more reforms to the district."
You can read the full CFTOD audit of Reedy Creek Improvement District here.
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