developer
It is questionable as to whether the developer has any exposure to the IRS issue, in spite of the fact he profited immensely from the transactions.
The bonds were issue by the VCCDD, not the developer. They are two completely separate entities, although the lack of arms length between the two is questionable.
The tax exempt status of the bonds is the issue in question, so the issuing authority, the VCCDD, is the target of the IRS investigation.
Janet Tutt's responses are essentially a wish list of the VCDD's hopes in the case. Obviously she is not an impartial party when stating her points.
Although Lauren Ritchie's article may sensationalize the issue, it does reflect much of what the IRS agent stated in his written evaluation and response to the Villages.
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