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06-08-2013, 08:59 PM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 7,874
Thanks: 14,339
Thanked 5,110 Times in 1,956 Posts
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Quote:
Originally Posted by NJblue
Advogado wrote:
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.
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LESS??? Like paying $84,000,000 for $8,800,000 worth of property?
THE POA BULLETIN
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