Wednesday, March 20, 2013

Disney saving the company millions by having Reddy Creek built DTD Garages

The twin garages, to be built at opposite ends of the 120-acre retail complex, will have a combined 6,000 spaces — and, Disney hopes, will ease complaints from guests sick of hunting for places to park their cars.

But Disney doesn’t plan to pay for the garages itself. The giant resort will instead have its personal government, Reedy Creek Improvement District, pick up the estimated $85 million tab.

 Reedy Creek, unlike Disney, can finance the garages with tax-free bonds. And Reedy Creek, unlike Disney, does not have to pay sales tax on the materials used to build them.

Critics accuse the Walt Disney Co., which earned a company record $5.7 billion in profit last year, of exploiting its captive government.


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