Latest On IRS Bond Issue

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  #121  
Old 12-19-2012, 04:25 PM
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Originally Posted by Cantwaittoarrive View Post
The I.R.S. doesn't have anything to do with CPI. Consumer Price Index Frequently Asked Questions
Your right Thanks.

Last edited by birdawg; 12-20-2012 at 08:32 AM.
  #122  
Old 12-19-2012, 04:36 PM
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Originally Posted by Advogado View Post
Well, it is happening. Frankly, I don't think we can gripe unless and until our amenities are reduced. However, the use of the fees for the purpose of defending the Developer's transactions increases the risk that corners will be cut in regard to (providing) our amenities. But, as far as I know, that has not occurred at this time.
Exactly. Hasn't happened yet, but certainly could. If that did happen, our property values would really sink.
  #123  
Old 12-19-2012, 04:51 PM
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Exactly. Hasn't happened yet, but certainly could. If that did happen, our property values would really sink.
However, it did happen in the past.
  #124  
Old 12-19-2012, 04:52 PM
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Originally Posted by ijusluvit View Post
.. but I still have a few of questions:

1) Amenity fee receipts and expenditures are now public information in Districts 1-4. Is that the case in the newer districts?

2) Is the Developer in fact using amenity fee funds to pay for the legal fees in the IRS case?

3) If so, are these amenity fees presently coming from all districts, including Districts 1-4, or just the two districts whose bonding procedures are being challenged?

4) Yes our contract says the amenities will be maintained "properly" regardless of cost. But "properly" may be a term subject to broad interpretation. If the Developer decided his legal expenses were too high, could he decide to reduce amenity services to some degree and still be able to argue that he was meeting the contract terms?
1. All of the annual budgets for the numbered CDDs and the two special CDDs are posted on the TV District website.

2. The IRS case is against the two special CDDs so it would be logical that they would pay for the legal fees to challenge the IRS.

3. There is no connection whatsoever between the numbered CDD that your home is in and the two special CDDs. The annual maintenance fee that you pay to your numbered CDD covers the cost of maintaining common grounds within your numbered CDD.

4. Yes indeed. That is one possibility. But remember that when something like that happened a few years ago, some residents sued the VCCDD (north of 466) and an out of court settlement was reached to refund some 60 million from the developer back to that CDD of which some 13 million was used already to widen the cart paths north of 466. In other words, precedent has been established in favor of the residents should that occur again.
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  #125  
Old 12-19-2012, 08:39 PM
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1. All of the annual budgets for the numbered CDDs and the two special CDDs are posted on the TV District website.

2. The IRS case is against the two special CDDs so it would be logical that they would pay for the legal fees to challenge the IRS.

3. There is no connection whatsoever between the numbered CDD that your home is in and the two special CDDs. The annual maintenance fee that you pay to your numbered CDD covers the cost of maintaining common grounds within your numbered CDD.

4. Yes indeed. That is one possibility. But remember that when something like that happened a few years ago, some residents sued the VCCDD (north of 466) and an out of court settlement was reached to refund some 60 million from the developer back to that CDD of which some 13 million was used already to widen the cart paths north of 466. In other words, precedent has been established in favor of the residents should that occur again.
Thank you for your answers! My 'non-expert' understanding is that your comments regarding my questions 1, 3 & 4 are correct.

My second question was whether it is a fact that the Developer has used amenity funds from Center, Sumpter or any other district to pay any legal fees related to the IRS matter.

Does anyone see any District budget line devoted to legal fees?

I don't understand how it might be "logical", as you put it, that the two districts would pay those fees. My "logic" says the Developer would pay the fees out of pocket because either because amenity fees cannot generally be used that way, and/or because he initiated the bond procedure leading to the challenge.
  #126  
Old 12-20-2012, 08:17 AM
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I don't understand how it might be "logical", as you put it, that the two districts would pay those fees. My "logic" says the Developer would pay the fees out of pocket because either because amenity fees cannot generally be used that way, and/or because he initiated the bond procedure leading to the challenge.
Actually I provided an answer to this in my post #120 above.

But for the record, the typical budget for legal services in each of the numbered districts is around 7,500. This year’s budgeted amount for legal services for the two special districts is 300,000.

So I would say it’s reasonable to assume that most of that 300k is being used to defend the IRS case. Of course that can only happen at the discretion of the majority of property owners of those two special districts. And who might that be you ask? Why none other than mister H. Gary Morse and his myriad holding companies.
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  #127  
Old 12-29-2012, 07:38 AM
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Default Morse hires lobbyist

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Morse hires lobbyist
Published: Wednesday, December 19, 2012
THE VILLAGES
Staff Report
Three weeks to the day after Republicans took a beating in the Nov. 6 General Election, Villages developer and GOP supporter H. Gary Morse for the first time hired a Washington lobbyist, registration forms show.
Cardenas Partners is headed by lobbyist Al Cardenas, former chairman of the Florida Republican Party and current chairman of the American Conservative Union.
Morse will pay Cardenas to represent him on tax issues, according to lobbying registration forms sent to both the House and the Senate with an effective date of Nov. 27. Specifically, The Villages said its lobbying issues will be "Community Development Districts and IRS interpretations."
The Villages is controlled by about a dozen CDDs, most of which provide and maintain the roads and transportation paths, storm water systems and structures, underground utilities, curbs and gutters, and street lights. The costs of building and maintaining this infrastructure are paid for by annual special assessments included in property owners' tax bills.
CDDs are usually overseen by a Board of Supervisors consisting of five individuals elected by the landowners/residents of the district to act on their behalf.
The Villages and the IRS have butted heads in the past over CDDs, with the government questioning the relationship between The Villages Center CDD and The Villages developers since the VCCDD has no residents and its Board of Supervisors consists solely of individuals who work for or have an affiliation with The Villages developers.
Essentially, the IRS position is that the VCCDD is an "alter ego" for the developers.
In a letter sent on its behalf to the IRS last month, The Villages contends a single landowner district can be a political subdivision.
Morse -- along with his family members and a handful of companies he manages or operates in The Villages -- gave about $1.7 million this year to a super-political action committee supporting Republican presidential candidate Mitt Romney, whose campaign was advised by Cardenas.
Disclosure papers said Cardenas will be assisted on Villages issues by Emily Zammit, a former staff assistant to U.S. Rep. Mario Diaz-Balart (R-Fla.).
Daily Commercial - <p>Morse hires lobbyist</p>
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  #128  
Old 12-29-2012, 08:01 AM
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Default Your avatar is VERY young, sir.

Welcome to TOTV. Mayor! BUT I don't remember voting for you. The last time I voted for Mayor it was for KathieI. Did we have an election that I missed??

Kathie belongs to the Dancin' Party.

Do you belong to the Stirrin' Party?


Kidding you a bit.

Sit down and tell us all about you. I read from your other posts you are single. Where do you live or hope to live? Want some coffee? Take off your hat and put up your feet and tell us about you.
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  #129  
Old 12-29-2012, 09:15 AM
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Originally Posted by graciegirl View Post
Welcome to TOTV. Mayor! BUT I don't remember voting for you. The last time I voted for Mayor it was for KathieI. Did we have an election that I missed??

Kathie belongs to the Dancin' Party.

Do you belong to the Stirrin' Party?


Kidding you a bit.

Sit down and tell us all about you. I read from your other posts you are single. Where do you live or hope to live? Want some coffee? Take off your hat and put up your feet and tell us about you.
Thanks for asking about me but talking all about me on this thread would kind of be off subject. I think it is called hi jack or low jack.
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  #130  
Old 12-29-2012, 09:17 AM
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Thanks for asking about me but talking all about me on this thread would kind of be off subject. I think it is called hi jack or low jack.
hmmmm.
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