Quote:
Originally Posted by rubicon
I believe the thread should continue. However those responding need to be cool headed. Secondly it does not help for posters to suggest subjective criteria sch as a cause suggesting residents have something against the Developer. Nor should time be wasted attacking the IRS. The fact remains that the pivotal issue is the definition of a political subdivision and does that accounting rule have application to the 2003 bond Issuance
The main focus here is not about the Developer, VCCDD, the POA, etc but about the residents and their stake/concerns in this dog fight.
Most following this thread know the subject matter. We need to stop rehashing it. The stated problem is the IRS ruled against and would do we do if all appeals, etc fail.
We cannot control what the lawyers do in defending the Developer and the Districts and we certainly at this stage of the game have no say in the matter.
The POA has followed this situation and issued information to its members. However as watchdogs for residents what have they done to protect our interests?
Here are my questions: If the IRS prevails what is the likely outcome? How will this affect our lives? Since the source of income is solely from our amenities does that mean an increase in amenity fees or a reduction in services should the District suffer the tax penalty?
How will the future financing of the build out proceed?
what can residents do to at least have some answers available should the worse occur?
But the biggest issue is that the reason we have all of these questions is no one has stepped up to say that if the worse occurs it will not monetarily affect resident. and before anyone suggest that no one knows then i would counter with then let us know what you already know as you have progressed in your fight against the IRS because surely you have laid out the possible scenarios both if you win and if you lose as to the financial implication and the sources of income to remedy a potential tax penalty and whom it will fall upon. Residents can face the realities and have them embrace them or ignore realityand have it work against them
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In regard to your last point, it would be comforting if the Developer would issue a formal statement reassuring residents that everything will continue, no matter what the outcome. However, in the over 5 years that the investigation has continued, the Developer has not done so. The Developer has, instead, obscured or misrepresented the facts, via non-coverage or misleading articles in the Daily Sun. In a real newspaper, a story of this import would have been receiving front-page coverage and in-depth analysis, and we would not have to try to piece it together in an on-line-discussion site.