The Reedy Creek Improvement District, which governs Walt Disney World Resort, faces dissolution next June from a law signed by Florida Governor Ron DeSantis. As the dissolution date of June 1, 2023, approaches, the district is making moves to cover expenses it will owe in May.
According to the Orlando Business Journal, Reedy Creek and Truist Bank have struck a deal for a reimbursement agreement in the amount of $3 million. It would function as a line of credit to ensure the electric bill due to Duke Energy in May will be paid.
“From Duke’s perspective, they want to make sure there’s a guarantee they get paid for May’s charges in June if we are not here — it’s a safety net [for Duke],” John Classe, district administrator of Reedy Creek, told the Orlando Business Journal. “It makes smart sense for Duke to make sure they are covered from a business perspective.”
For more on the impending dissolution of the Reedy Creek Improvement District, check out the following articles:
- Florida Gov. Ron DeSantis & State Agencies File to Dismiss Lawsuit Challenging Reedy Creek Improvement District Dissolution
- DeSantis Likely to Establish Limited Version of Reedy Creek Improvement District, According to Director of Bond Finance
- New Walt Disney World Solar Arrays Could be Delayed Due to Legislation Dissolving Reedy Creek
- What Will Happen if the Reedy Creek Improvement District is Dissolved at Walt Disney World?