Florida Disney Reedy Creek OKs deal over DeSantis law - Jacksonville Business Journal

Walt Disney World's Reedy Creek Improvement District on Oct. 3 approved a plan to ease concerns from one of its top power providers regarding a signed law by Florida Gov.The district, which is the overseeing governing entity of the land including Walt Disney World , approved the plan to enter a reimbursement agreement with Truist Bank for a $3 million letter of credit in favor of Duke Energy Florida LLC.

That credit line will ensure that Reedy Creek will be able to pay its May 2023 bill should it be dissolved on June 1, 2023, per the legislation, district officials told"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],"."It makes smart sense for Duke to make sure they are covered from a business perspective.

Most of Reedy Creek's electrical power — roughly 90% of the output — comes from utility providers like Duke Energy and others. The remaining 10% comes from solar power. That power then is distributed to the district's customers including the Walt Disney World properties, third-party hotel and retailers and residents in the cities of Bay Lake and Lake Buena Vista.

This latest move comes as there's still no clear resolution in place for what's next for Reedy Creek.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Florida officials clear way for jobless benefits after Ian - Jacksonville Business JournalChanges apply to people in counties that are under a FEMA disaster declaration, including Flagler, Putnam, St. Johns and Volusia counties.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Hurricane Ian reconstruction projects will exacerbate supply, labor shortages across Florida - Jacksonville Business JournalHurricane Ian is likely to place further strain on the shortage of building materials and construction labor in Florida.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Florida Blue partners with 2 local health systems in launch of new HMO - Jacksonville Business JournalThe local launch comes after the insurer said it saw success in South and Central Florida.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Downtown Jacksonville sees slight rise in population, although office vacancy rate is up - Jacksonville Business JournalInterest in downtown living has led to a growing number of projects proposed and under construction downtown.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville Symphony upcoming season - Jacksonville Business JournalThe Jacksonville Symphony's current season got off to a strong start, and attendance is anticipated to eclipse 2021 levels.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Report: Jacksonville-area multifamily market cools - Jacksonville Business JournalAs of July the average rent in Jacksonville was $1,525, which brought year-over-year growth to 13.5%.
Source: JaxBizJournal - 🏆 599. / 51 Read more »