[graciegirl]

Copied from The Daily Sun 5/18/2012
STAFF REPORT

The Villages- Supervisors with the Village Center Development District were advised Thursday morning that the Internal Revenue Service is resetting its challenge into whether the District was entitled to tax exempt status on bonds issued from 1993 to 2004.

District Manager Janet Tutt advised that IRS officials filed a request for new information, which essentially restarts the IRS query, and Tutt said they could request even more information later, which would force the process to be repeated again.

"It's interesting they keep requesting information, some of which is duplication," Archie Lowry, the boards attorney said to supervisors.

Tutt said one positive is that IRS agents acknowledged for the first time in four years of investigations that amenity fee revenue stream is a valid aquired asset; however, there are still disputes.

"They (IRS) continue to double-count expenditures,and single count revenues," Tutt told supervisors.

District staff will revise its previous analysis and resubmit it to the IRS.

(The above copied from Friday's Daily Sun for those off campus. GG)