Talk of The Villages Florida - View Single Post - VCCDD proposes purchasing old El Santiago restaurant building
Thread: VCCDD proposes purchasing old El Santiago restaurant building
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Old 07-17-2013, 08:27 PM
Warren Kiefer Warren Kiefer is offline
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Wink Gracie you are too kind
Quote:
Originally Posted by graciegirl View Post
You did?

That is a pretty big net profit, but people are allowed to make a profit. Not everything is run in the red.
Yes a reasonable profit, but this is similiar to why we usury laws. These laws were established to keep anyone or any facility from charging outragous interest. If I am not mistaken the developer selling the VCCD facilities such as the Savannah Center is why the IRS issue is before us at this time. The IRS has declared that the bonds issued to make such purchases are not in fact tax exempt.