[mickey100]

You can blame the IRS for being a bad guy, or you can blame the Developer for pushing the limits of the law beyond what other CDD's in the state have done."We believe that an entity that is organized and operated in a manner intended to perpetuate private control, and to avoid indefinitely responsibility to a public electorate, cannot be a political subdivision of a State," according to the memorandum from the IRS Tax Exempt Bonds division. The bottom line is, The Villages was warned previously yet continued on the path of issuing the bonds in a manner that obviously doesn't meet the definition of a political subdivision. At this point, no one can predict the affect the publicity will have on property values, or where the money will come from if the district is forced to pay. There is no question that it has a potential negative impact on the residents if our amenity fees have to be re-directed to pay the back taxes. The Orlando Sentinel is running another article Wednesday which is supposed to look at potential impacts.