Advogado wrote:
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Is the Developer going to voluntarily return the huge profits (illegitimately made at the expense of the US taxpayer, according to the IRS) made from the sale of the amenity facilities?
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What is your supporting documentation for this statement? The only thing that I recall coming from the IRS with respect to the amount of money that the developer made on this was that he was actually paid LESS than what the amenities were truly worth. Unfortunately for us, the real benefactor of the tax-free status of the bonds was the entity that we the residents pay for with our amenity fees - the central districts. If the bonds were sold as taxable bonds, the interest rates would have been higher and therefore our amenity fees would have been stretched tighter to pay off the bonds.