This settlement was reached in 2008, the same year the IRS began its investigation of the tax-free bonds. Does anyone think this is just coincidence, or was the developer trying to get this resolved and not draw attention to the use of tax-free bonds?
BTW: the developer had made a one billion dollar profit selling the amenities north of 466 to himself at highly inflated prices, using the tax-free bonds to finance them, so $40 million would be chump change to him.
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