Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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400 million $$ amenities purchase
All buildings and amenities in TV between rte 466 and 466A according to another website may be purchased from the developer. Does that mean all the upkeep & retrofit cost ie roofing, hvac, plumbing, electrical etc and the 400 million$ will now become the homeowners responsibility? I bring this up because I don't know and also because I am also surprised that I have not seen it on TOTV
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#2
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We are purchasing the monthly income stream generated by the amenity fees for homes in this area for perpetuity. It puts The Villages one step closer to self management. Not that I think it is a good idea.
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North Carolina, TV |
#3
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As long as we don't become a giant HOA/POA
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#4
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I believe the only way the residents can get control is if the family decides to sell all the property in the town squares since the only people who can vote for representatives in the central CDDs (VCCDD and LSCDD) are the landowners in that CDD, which is the family. Residents can elect representatives in their residential CDD, but their power is very limited to that CDD only and has no control over amenities (south of 466, as the AAC has authority north of 466).
I expect/hope the revenue stream from our amenity fees will cover the purchase with sufficient surplus to address repair and renovation. This was, I believe, the main reason for the lawsuit and settlement that resulted in the AAC.
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"the difference between genius and stupidity is that genius has its limits." |
#5
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I believe that the purchaser is the Lake Sumter Landing Community Development District which is not us. Inheritance taxes/moves may have come into play.
Last edited by twoplanekid; 10-14-2016 at 02:38 PM. |
#6
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The amenities are being transferred to the CDDs.
Quote:
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#7
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The amenities are being transferred/sold to the LSCDD, not the residential CDDs (CDD5-10) along with the revenue stream of our amenity fees. The district will have control instead of the developer, not a big difference, IMO. We've been sending our amenity fees to the developer instead of the district and the developer has been taking care of and constructing the amenities. Once the transfer is complete, the district will have control and the funds.
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"the difference between genius and stupidity is that genius has its limits." |
#8
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What do inheritance taxes have to do with it??
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The further a society drifts from truth the more it will hate those who speak it. George Orwell. “Only truth and transparency can guarantee freedom”, John McCain |
#9
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As it takes time and money to settle a huge estate (Mr. Gary Morse), some of the moneys garnered could be for this purpose. I base this solely on my experience with much, much smaller estates and as such is strictly conjecture in this instance.
Last edited by twoplanekid; 10-15-2016 at 06:15 AM. |
#10
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#11
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Inheritance Taxes
Florida does not have any inheritance taxes. Where are you coming from with that?
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#12
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IRS Estate Tax which might be huge or small if "one doesn't want to pay their fair share".
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#13
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People should pay more than their fair share of taxes, they should never use any carry forward losses in order to increase the tax base to provide the funding necessary for Syrian immigrants to relocate to America and build them mosques.
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#14
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Developing amenities and then selling them back to the CDD, has ALWAYS been a key component in the Developer's business model.
For those who don't really understand it (and it's pretty darned complicated), here's a relatively quick primer on how the whole thing works. THE VILLAGES GOVERNMENT Quote:
The concern that I have with this particular sale is that it is being sold to the SLCCD, not the individual districts... and the Developer will basically maintain control. Thereby, having the cake...and eating it too. Exactly as shown in the underlined portion in the middle of the above quote. A quick look at who is on the SLCDD Board confirms that: SLCDD board includes Mike Berning, head of sales and marketing for The Villages; Nisbett, owner of country clubs in The Villages; Brad Brown, who headed Villages Insurance for many years; Gerry Lachnicht of Sabal Trust Company; and Randy McDaniel, head of The Villages Charter School. Then again, some people prefer not to have to worry about such things and are perfectly content with someone else making decisions for them. |
#15
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This has nothing to do estates or inheritance. The amenities are eventually transferred from the Developer to CDD for the long term.
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Closed Thread |
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