[OldDave]

I'm not trying to start yet another argument about the developer, but I would like to ask anyone who ACTUALLY KNOWS a question.

Do I understand the IRS complaint correctly? The CDD model has been used for each of the districts made up of homes. Those are not in question by the IRS because the bond money was deemed to have been used for the public good. The two districts that are in question are Spanish Springs and Lake Sumter because they do not contain homes, and are therefore not using the bond money for the public good.

Do I have this right? If so, and the IRS rules against the developer, who gets in trouble? I think someone earlier stated that it would not be the developer, but he would be banned from applying for this kind of bonds in the future, for any purpose including more houses. Does anyone actually know?

Please do me a favor and don't respond with any emotional outcries for or against the developer. I think we had enough of that earlier. I really want to know if there are some lawyers on here or someone else who actually understands the merits of the complaint.

I do want to point one other thing out. Everyone who has had something negative to say about the developer keeps talking about him running out on the community after the build out. Again, if I understand this correctly, after the build out there won't be much to run out on.

The homes are sold to a CDD after they are completed. And while the developer controls the board with his people, he has no legal obligation to the district because he no longer owns it. He would, in the end, only own common things like the three squares, the golf courses, and any commercial land being leased to stores he doesn't own. Naturally I think the golf courses could be sold pretty easily, at least the country clubs. We were just reading that had been done across the street. I don't know about the executive courses. I suppose those could be sold to the CDDs. Since he controls the boards, they would likely approve it. And I think most of the landscaping falls to the CDDs other than the most central areas. Is that correct?

So again, if you have some pretty good knowledge of what is actually at risk and for whom, I'd really like to hear from you.

Thanks.