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The Handbook of Municipal Bonds by FRANK J. FABOZZI, SYLVAN G. FELDSTEIN

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CASE STUDY 6
Disney’s California Adventure and Tax-Exempt Bonds
Hilary E. Feldstein Consultant
 
 
 
The City of Anaheim in 1997, through the Anaheim Public Financing Authority, issued $510,427,465.45 in municipal lease revenue bonds. This is a joint-powers authority between the city and the Anaheim Redevelopment Authority. The authority was established as a vehicle to reduce local borrowing costs and facilitate existing and innovative financial instruments and structures. The governing body is the Anaheim City Council, whose members serve in separate session as the members of the financing authority. Anaheim has a council-manager form of government.
Anaheim covers 50 square miles and is located in northwestern Orange County, approximately 28 miles southeast of downtown Los Angeles and 90 miles north of San Diego. Its population is over 300,000.
The proceeds of the bond issue were used to fund the expansion of the city’s convention center and public improvements such as a parking structure with parking for approximately 7,500 vehicles to support the expansion of the Disneyland new theme park, Disney’s California Adventure. This second theme park opened in early 2001 and is adjacent to Disneyland Park that opened in 1955. The bond issue was an innovative private-public venture involving the Disney Corporation. The Disneyland Resort by 2006 had approximately 21,950 employees and was the largest employer in Anaheim with 13% of the workforce. It was situated on approximately 292 acres ...

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