Parts of Disney's last-minute agreement with Reedy Creek that may render the new DeSantis board powerless are valid until 21 years after the death of the last survivor of the descendants of King Charles III of England

Mar 29, 2023 in "Reedy Creek Improvement District"

Posted: Wednesday March 29, 2023 3:41pm ET by WDWMAGIC Staff

Disney's final Developer Agreement between Reedy Creek Improvement District and Walt Disney Parks and Resorts appears to have severely handicapped the Ron DeSantis-appointed board of the new Central Florida Tourism Oversight board.

 

Signed into effect on February 8, just as the Florida House passed the legislation to take control of Reedy Creek Improvement District, the new Developer Agreement gives Disney significant control of the RCID landing and prevents the new board making any changes to the agreement.

At today's special meeting, where the board discussed the new Developer Agreement, one member said, "We lose control over everything other than to maintain the roads and maintain the infrastructure."

Board member Brian Aungst said, "We gave governmental control to Disney."

The legal council for the new board said that various agreements were made over the past several months that were "unusual" and "suspect."

In a brief statement following the meeting, Disney said, "All agreements signed between Disney and the District were appropriate, and were discussed and approved in open, noticed public forums in compliance with Florida's Government in the Sunshine law."

The Governors office released the following statement this afternoon, "The Executive Office of the Governor is aware of Disney's last-ditch efforts to execute contracts just before ratifying the new law that transfers rights and authorities from the former Reedy Creek Improvement District to Disney. An initial review suggests these agreements may have significant legal infirmities that would render the contracts void as a matter of law. We are pleased the new Governor-appointed board retained multiple financial and legal firms to conduct audits and investigate Disney's past behavior."

You can review the February 8 Reedy Creek Improvment Dsitrcit Developer Agreement here.

One aspect of the agreement contains an interesting timeframe for the document's term.

This declaration shall continue in effect until twenty one (21) years after the death of the last survivor of the descendants of King Charles III, King of England living as of the date of this Declaration. Notwithstanding the foregoing or anything to the contrary herein, this Declaration will terminate as of the date that none of WDPR or any of its Affiliates (or their respective successor entities) owns any real property within ten (10) miles of the RCID Properties.

The legal wording makes use of the Royal Lives Clause,  a common practice in the United Kingdom in the past century to tie up a trust to a living person who was expected to have one of the longer life expectancies in the population. This article explains more.

The action by DeSantis to strip Disney of its self-managing district came in retaliation to Disney's public opposition to the Parental Bill of Right law, which took place under ex-Disney CEO Bob Chapek. Speaking at the Reedy Creek firehouse on February 27 when signing the bill, DeSantis said that Disney's opposition to the Parents Bill of Rights bill was a "mild annoyance," but that the state of Florida will no longer be "joined at the hip with one California-based company." After signing the bill DeSantis said, "the corporate kingdom finally came to an end."

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DCBaker22 hours ago

The agenda and documents for the CFTOD Board of Supervisors meeting is now available at the link below. Included in this packet are documents related to the FY2023 Annual Financial Statement presentation and an annual audit by Cherry Bekaert, LLP. As a head's up, the meeting has shifted an hour from previous times - it is scheduled to begin at 10:30am. https://www.oversightdistrict.org/wp-content/uploads/2024/04/BOS-Meeting-Packet-4-24-24-Final-P.pdf

flynnibus5 days ago

Looks to be moved https://www.oversightdistrict.org/wp-content/uploads/2024/04/BOS-Meeting-04-24-24-Agenda-Outline.pdf

wdwmagic5 days ago

Amazing, there is actually some real business on the agenda for a change.

DCBaker5 days ago

The agenda outline for the next CFTOD meeting on Wednesday, April 24 is available at this link*: https://www.oversightdistrict.org/wp-content/uploads/2024/04/BOS-Meeting-04-24-24-Agenda-Outline.pdf *Edited to update as the link was changed after posting (thanks @flynnibus!).

flyakite8 days ago

Batman'sParents11 days ago

Was curious about this: Is there an expectation that CFTOD will delegate some responsibilities to the cities as part of the understanding between the state and Disney?

Dcgc2813 days ago

All good! I was going to be blown away lol

MR.Dis13 days ago

error, I edited the original post

mkt14 days ago

Here's the motion

mkt14 days ago

what's the new case number? Disregard, found it. 24-10342-H

Dcgc2814 days ago

They objected the delay?

MR.Dis14 days ago

Federal Judge officially granted a 60 day delay on the Federal Case. Disney requested so a new developement agreement could be negotiated, the CFTOD did not object.

mmascari19 days ago

Same formality as completing the new agreement. They clearly think everyone will work in good faith and get an acceptable resolution. One where not having representation in the CFTOD board is ok.

flynnibus19 days ago

Sounds like walking away from the Federal case is only a matter of formality at this point... or the roof caving in. Those aren't the words of someone cautiously optimistic for an outcome... those are the words of someone who already knows the game plan and they aren't holdiing a gun to anyone.