Quote:
Originally Posted by EdVinMass
Allow me to respond.
The importance of the POA should not be overlooked. After all, they were responsible for bringing about a lawsuit a couple of years ago that resulted in (among other things) the recognition by the developer, of the Amenity Authority Committee made up of TV homeowners from each of the numbered CDDs. Although this committee has no decision making power, they at least represent a unified TV homeowner voice in the management of the amenity services provided by the two developer controlled amenity CDDs (VCCDD and SLCDD). I would look to them for late breaking developments if they have an attorney gathering information.
As far as who will actually end up paying to straighten this out, well that gets us into speculation. The point I tried to make above is that it won?t be the TV homeowners because there ?s no legal vehicle for the two special CDDs to use for that. But I can tell you that in the lengthy complaint from the IRS agent that started all this, the agent pointed out several times that the federal tax free bonds issued by the two CDDs are callable. That was his way of suggesting that one way out would be for the developer and his two special CDDs to buy back the bonds at their present value and re-issue them as taxable bonds.
And who would make up the difference if the re-issuance of those bonds was the settlement, I don?t know but it won?t be TV homeowners directly in the form of a special assessment or big increase in the amenity fee. But I suppose it could result in a drastic cut back in the level of services, condition of the executive courses and recreation centers, etc.
Do you really think they would allow it to get to that. I don?t. In fact, think about it, it may amount to tens of millions of dollars, but the developer can afford it. He just won?t go down without a good fight.
Oh and yes Bogie Shooter, I?m in Stonecrest right next door. But you know the saying ?what goes around?? and we have a few developer issues there that I?m keeping a close watch on too.
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Thanks for all your valuable info, but would not the CDD have to sell the golf courses,town centers,recreation facilities and utility plants to settle the judgement against the IRS? Since you seem to really have studied this issue, i would like your opinion on the current makeup of the CDD, the "Arms Length Transaction" of the sale, and appraisers who could not furnish the IRS with any backup documents to justify their appraisals.Finally, i didn't realize, always looking at every side of an issue and asking why, was such a negative.