Quote:
Originally Posted by ureout
many of the problems that the property owners went thru on the N side of 466 have yet to happen on the S/side.....that is because the developer still owns everything....wait until the IRS issue is FINALLY complete and then the developer will start selling rec. centers and softball complexes back to the residents of the district they live in
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An important factual correction: The Developer will not be selling those assets to the residents. If that were the case, the pricing and terms of sale would, by definition, be arm's length since it would be a transaction between unrelated parties.
Instead, the Developer will be selling those assets (and the right to receive the related amenity fees) to Center Community Development Districts that he controls. Thus, he will, in essence, be selling them to himself, and he will be setting the price and terms of sale.
It is this self dealing that underlay both the POA-backed class-action lawsuit and the IRS investigation. It is important that somebody keep a close eye on the pricing and terms of these future sales to ensure that they are arm's length and do not place the viability of our amenities system at risk by unduly burdening the Center Districts. That somebody will certainly not be the VHA.