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Originally Posted by Indydealmaker
Actually, the appraisals have passed more than one audit and are in accordance with generally accepted accounting practices. The valuations were for income streams as well as physical plants.
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The appraisal firms that set the value of the properties were tools of the district who did what they were told. They were not independent appraisers, as the IRS requires.
At one point the IRS said it believed 2003 Village Center Community Development District bonds overpaid Morse for golf courses and other structures. The bonds paid Morse $60 million for amenities that only cost him $7.5 million to build. The district is trying to use the income stream argument, and, as we are all aware, the investigation is still ongoing, and these issues have not been resolved.