Quote:
Originally Posted by EdV
Rubicon,
I was merely responding to the other post that suggested that throughout this entire 5 year (or more) ordeal, that the developer has never said word one regarding the potential financial impact on TV residents, when in fact he has.
You will also note that throughout my many posts here on this subject over the years I’ve never professed to claim I know the outcome, only what cannot legally happen based on reading the applicable legal documents.
By the way, one option that I’ve not seen mentioned is that instead of requiring the Center District to recall all the tax free bonds in question and then sell a new set as taxable, is to simply agree to pay a penalty to the IRS each year for the remaining life of the bonds in question.
Pure speculation on my part but certainly appears to be the path of least resistance if the IRS assertions prevail through the legal system.
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Edv: Thank you this is the sort of thing we need to explore as options. You are other posters have made some excellent suggestions. While we are not in the loop we can at least offer these solutions to the powers to be via the POA. This is all I have ever suggested regarding this issue....that is we have some input since we have some risk.
The issue has a satisfactory solution. It may be that the parties IRS Developer et are so invested that they have become inflexible.. egos getting in the way. The reputation of the IRS the fact that the Developer is a huge Republican contributor are side issues and don't belong in this mix. A deal can be struck that satisifies both and as always leaves both parties feeling they gave something up....that's the nature of compromises
I appreciate your input and I am gald that you are well informed about this issue because we need all the friends that we can muster.