Quote:
Originally Posted by ijusluvit
Maybe there's a simple explanation which got by me, but here's what I don't get:
The developer, with a very gracious full page ad/editorial in The Sun, settled a lawsuit brought by some very brave POA members a few years ago. The districts north of 466 received about $44 million and the right to form the AAC committees to control the use of amenity fees, etc.
Why in the world would the developer, whose work I have immense respect for btw, not argue that he did not owe this money when he was selling off facilities to those same districts to the tune of maybe a $47.1 million loss?????
He didn't know he was selling facilities at a loss?
His lawyers recently helped him discover those losses?
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Here's what I don't understand. When we, the residents, were forced to buy the facilities back in 2002, didn't we pay the developer nine times what it cost to build these facilities. For example: if the Savannah Center cost six million, we paid 54 million. Can anybody living here at the time refresh my memory?
If my figures are accurate, how can the developer come back ten years later and say he was shortchanged $47.1 million dollars?
I would like to see a chart with three figures for each facility; the cost to build, the amount the residents paid, and where did the deficit come from.