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Originally Posted by mickey100
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.
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I was living here when Gary Morse was paid $60 million for amenities that only cost him $7.5 million to build. Where I come from that is called a scam. People that complain about being scammed are told to move along, nothing to see here.