Florida
Florida’s $1 Billion Disney Question
When Florida Republicans authorised a invoice to strip Walt
Disney Co.
DIS -3.17%
of its particular taxing privileges in April amid controversy over how gender and sexuality are taught in colleges, they failed to handle a key query: Who’s answerable for paying again almost $1 billion in municipal debt used to construct roads, walkways and different infrastructure round Disney World?
Florida legislation dictates the bondholders have to be paid even when Disney’s particular taxing district, referred to as Reedy Creek, is dissolved. A separate legislation creating Reedy Creek promised bondholders the state wouldn’t intervene with its tax collections. One of many invoice’s sponsors is now contemplating re-establishing a watered-down model of Reedy Creek to unwind the authorized mess.
These caught up within the combat embrace municipal bond buyers, firefighters, and the $210 billion world media and advertising enterprise behind Star Wars, the Avengers and ESPN.
Costs have dropped on most of the bonds, which sit in mutual funds managed by Goldman Sachs Asset Administration,
AllianceBernstein
and different companies. Reedy Creek bonds maturing in 2028 traded at 87.5 cents on the greenback Thursday and Friday, down from about 100 cents in January, in accordance with Municipal Securities Rulemaking Board information. Two main scores companies have flagged the bonds for potential downgrade, saying it isn’t precisely clear who owes buyers their cash.
“It’s mere hypothesis at this level,” mentioned Michael Rinaldi, head of U.S. native authorities scores at Fitch Scores. “We don’t have any info.”
A spokesperson for Gov.
Ron DeSantis
mentioned a plan for Reedy Creek is being accomplished and may very well be made public inside the subsequent few weeks. Mr. DeSantis, a Republican, mentioned in an interview with Fox Information Thursday night time that “the bonds will probably be paid by Disney.”
The Reedy Creek Enchancment District is a 40-square-mile space encompassing Disney’s Orlando-area theme parks, resorts and resorts. Tens of 1000’s of such particular districts exist throughout the U.S., usually run by native boards and fashioned on the behest of property house owners who need to pay taxes past what they owe to the town or county for further providers corresponding to mosquito abatement.
Reedy Creek is uncommon in that the majority the property belongs to 1 taxpayer, Disney, which successfully funds and controls its personal authorities. Reedy Creek operates outdoors space guidelines on constructing and zoning and makes use of tax income from Disney properties to run a neighborhood hearth division and different providers. About $60 million of the district’s $170 million 2021 funds went to debt funds on bonds issued to finance roads and a pedestrian bridge, amongst different initiatives.
Created by Florida lawmakers greater than 50 years in the past at Disney’s request, Reedy Creek was a simple goal for Florida lawmakers sad with Disney over its opposition to Florida’s Parental Rights in Schooling invoice. Nicknamed “Don’t Say Homosexual” by critics, the laws authorised in April prohibits classroom instruction on gender identification and sexual orientation for schoolchildren by means of grade three, and limits it for older college students.
After Disney, underneath strain from staff, vowed to push for the legislation’s repeal, Florida lawmakers, on the urging of Mr. DeSantis, filed, heard and authorised a invoice dissolving Reedy Creek over a three-day interval in mid-April. The dissolution is efficient June 1, 2023. A Disney spokesperson declined to remark. A Reedy Creek spokesperson didn’t reply to a cellphone name.
State legislation dictates that when a particular district is dissolved, the duty for paying its debt falls to the world native authorities. In Reedy Creek’s case, there are 4: Orange County, which encompasses most of Reedy Creek, Osceola County and the cities of Bay Lake and Lake Buena Vista.
Reedy Creek mentioned in an announcement filed with the Municipal Securities Rulemaking Board, a self-regulatory group governing the bond market, it “expects to discover its choices whereas persevering with its current operations.” The assertion additionally cited a 1967 authorized promise to Reedy Creek bondholders that the state wouldn’t alter the district’s potential to gather taxes.
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Florida Rep.
Randy Effective,
a Republican who sponsored the invoice within the state’s home of representatives, mentioned he believes that obligation will not exist after the brand new legislation takes impact subsequent yr. He mentioned a court docket or further laws may assist decide how one can divide the debt up amongst native governments. Nonetheless, he mentioned, an alternative choice could be for lawmakers to re-establish a less-powerful model of the Reedy Creek Enchancment District for the aim of servicing the debt.
In that state of affairs, “there continues to be a Reedy Creek that continues to carry that and continues to pay it off,” Mr. Effective mentioned, however the legislature may withhold different powers the district at present has corresponding to the power to subject further debt backed by a promise of reimbursement in state legislation.
Mr. DeSantis’s workplace mentioned in an announcement when he signed the Reedy Creek invoice that he didn’t anticipate it to extend residents’ taxes. The impression to native governments may lengthen properly past having to take over debt funds, nevertheless.
PHOTOS: How Disney Carved Out Its Personal Authorities in Florida
Orange County Mayor Jerry Demings, a Democrat, mentioned at a press convention whereas the invoice was into account that Reedy Creek covers the price of police, hearth and 911 providers within the district. Taking on these operations with out further income could be “catastrophic for our funds,” he mentioned. Osceola County mentioned in an announcement following the invoice’s passage that it’s “evaluating any shifts in value to Osceola.”
Some municipal bond portfolio managers and analysts expressed concern at seeing partisan politics creep into the arcane world of debt reimbursement pledges.
Matt Freund,
head of fixed-income methods at Calamos Investments LLC, which holds a small share of a Reedy Creek bond issued in 2020, expressed confidence that the debt could be repaid.
“How the state of Florida’s motion impacts the broader municipal finance business is but to be seen,” Mr. Freund mentioned.
Write to Heather Gillers at heather.gillers@wsj.com
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Florida
What is a polar vortex? Another one is heading to Florida with an Arctic blast to follow
Florida Public Radio Emergency Network (FPREN) Storm Center | By Leslie Hudson
If you thought last week was cold, hold onto your hot lattes and be ready to bundle up as (another) winter storm is forecast to plunge arctic air deep into the Deep South by early next week.
January has already been colder than average in most states east of the Rocky Mountains for the first time in two years and now, more frigid air is coming. This next winter storm will bring rain and possibly some brutally cold air by the early next week.
The polar vortex is an enormous ring of powerful winds spinning above the North Pole. It normally circles the Arctic and it typically stays contained by a strong jet stream, but when this ring of frigid arctic air becomes unstable as the jet stream weakens, which allows the cold arctic air to spill southward into the lower 48.
The first polar vortex of 2025 arrived in Florida on January 6th. During that week the vortex fueled a winter storm that dumped snow and ice across several southeastern states and brought below-freezing temperatures to much of north and central Florida. It brought crisp and unseasonably chilly temps to the rest of Florida as well.
The first polar vortex swept across the country bringing dangerous snow, ice, and wind to millions of Americans. It also disrupted flights, closed schools, and impacted several major U.S. cities.
According to National Weather Service forecasters, “the southern lobe of the Polar Vortex” will generate a much more significant, frigid cold Arctic Blast that will graze across Canada and the United States through the second half of January. The disturbance in the Polar Vortex aloft will establish extreme cold conditions. Temperatures are forecast to plunge into a deep freeze, pushing 30-40 degrees below normal for tens of millions of people across North America. Brutally cold days and locally historic low temperatures are in the forecast for many parts of the eastern U.S. and possibly parts of Florida.
It’s important to remember that the forecast and the modeling data are still being fine-tuned. So make sure you check your local forecast often as we head into the weekend.
With the evolution of this system still several days away, it’s still too early to say how cold it will get in the Sunshine state. But for now, here is what you can expect:
Central Florida:
Moisture will begin to increase across Central and South Florida ahead of the next approaching front this weekend. The presence of abundant cloud cover and rain will keep overnight temperatures more mild, with lows in the 50s and 60s throughout Central Florida.
North Florida:
North Florida can expect slightly warmer temperatures for the rest of this week before the arctic blast hits the area early next week. Warmer weather with some rain is expected across North Florida this weekend, followed by the possibility of widespread freezes Jan. 21-22
Temperatures will rise to the upper 60’s by Friday. Lows will remain cold, hovering between the upper-30s to mid-40s before jumping up to the mid-50s on Friday. On Sunday, the coldest temperatures of the season will plunge cold arctic air into the northern parts of Florida and drop temperatures into the mid to upper 20’s. Coastal communities will be closer to 30 degrees.
South Florida:
Starting Saturday, southerly winds take hold and temperatures become warmer. Plan for highs around 80 degrees. This cold front should start to approach South Florida on Sunday. Until then, expect a mild forecast with daytime highs in the middle 60s to lower 70s through South Florida and the Keys.
Florida
Florida man attacks elderly woman, robs her of lottery winnings: surveillance footage
Florida authorities are searching for a man seen on camera robbing an elderly woman in an attack outside an Orlando convenience store on Wednesday.
The Orange County Sheriff’s Office said the violent robbery took place outside a store on Curry Ford Road near the intersection of S. Goldenrod Road on Wednesday morning.
In surveillance footage shared by the sheriff’s office, the 83-year-old, who was not named, can be seen walking out of the store and attempting to get into her car with lottery winnings in her hand.
FOX 35 Orlando reported that the woman won $200.
RHODE ISLAND POLICE ARRESTED FOUR SUSPECTS WHO ALLEGEDLY ROBBED A FEDEX CARRIER
At the same time, the suspect, believed to be Diego Stalin Tavarez Fleury, starts walking toward the woman from the sidewalk area behind her. He approaches her and tries to swipe the winnings out of her hand, then some sort of verbal altercation takes place.
Another man walks out of the store and appears to tell Fleury to leave.
Fleury then goes after the woman and starts trying to take the money while the other man tries to pull him off of the victim. Fleury drags the woman in the parking lot as she holds onto her winnings, and ultimately steals the money from her.
GUTSY WOMAN, 71, FENDS OFF VIOLENT ATTACK BY 4 TEEN GIRLS ON BLUE CITY SUBWAY
The other man appears to try and get the money back for the woman, but Fleury shoves him and takes off running. As of Wednesday evening, he has not been located.
A store employee told FOX 35 that Fleury often hangs out near the front of the building and has caused problems in the past.
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The Orange County Sheriff’s Office has issued an arrest warrant for Fleury on charges of robbery, sudden snatching and battery on a person 65 or older.
Information on his whereabouts can be called in to Crimeline at 1-800-423-8477.
Florida
Signature Limousine Florida Expands NEMT Options and Introduces Wheelchair-Accessible Vans Across Tampa, Florida
Summary: Signature Limousine Florida has expanded its Non-Emergent Medical Transportation (NEMT) services across Florida and introduced wheelchair-accessible vans, improving access to specialized transportation.
Carrollwood, Florida–(Newsfile Corp. – January 15, 2025) – Signature Limousine Florida has announced the expansion of its Non-Emergent Medical Transportation (NEMT) services across multiple Florida counties. This strategic move highlights the company’s ongoing commitment to meeting the needs of patients and individuals with mobility challenges while ensuring safe, comfortable, and timely transportation.
The expansion of Signature Limousine Florida’ Tampa Non-emergency Medical Transportation services is set to benefit underserved communities across Tampa, Lakeland, and surrounding regions. With a growing demand for reliable medical transportation options, the company is enhancing its ability to serve clients who require transport to non-emergency medical appointments, rehabilitation centers, and other healthcare facilities. By offering more comprehensive coverage, Signature Limousine Florida aims to address a critical gap in transportation accessibility for seniors, individuals with disabilities, and patients recovering from medical procedures.
Signature Limousine Florida Expands NEMT Options and Introduces Wheelchair-Accessible Vans
To view an enhanced version of this graphic, please visit:
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As part of the expansion, the company has invested in a diversified fleet to cater to different client needs. Vehicles such as the Lincoln Continental Sedan, Chevrolet Suburban SUV, and Ford Expedition SUV are available for single passengers and families accompanying loved ones to medical appointments. Each vehicle in the fleet has spacious and comfortable interiors, allowing family members, friends, or caregivers to provide support during transit.
In addition to the expanded NEMT services, Signature Limousine Florida has introduced new wheelchair-accessible vans. These new vehicles feature advanced ramp systems, spacious interiors, and safety enhancements to accommodate individuals with mobility challenges. The addition of these vans ensures clients requiring specialized care can travel with dignity and convenience, whether for medical appointments or other personal travel needs.
The wheelchair-accessible vans are integral to Signature Limousine Florida’ mission to prioritize inclusivity and accessibility for all clients. Individuals with disabilities can now comfortably and easily travel to airports, bachelor/ette parties, and sporting events. The move also allows corporate clients to make their trips more inclusive, whether in the state or outside. Additionally, companies no longer need to hire a separate Tampa Limo service provider for all team members, streamlining logistics.
The expansion of NEMT services and the addition of wheelchair-accessible vans represent Signature Limousine Florida’ ongoing efforts to address the diverse needs of Florida’s communities. These initiatives are expected to improve the quality of life for individuals who face transportation barriers due to age, disability, or medical conditions.
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