[quote=Advogado;710493]
Quote:
Originally Posted by bike42
As I recall, the last published figure for total attorney fees was $700,000. That was some time ago. The total must be about $1 million now. However, as long as we continue to get our amenities at the promised level, I guess we can't complain as Villagers. (Maybe we can as US taxpayers, since we have been subsidizing the Developer.)
There is one consideration in this regard that hasn't been mentioned in any of the posts on this matter: Every year, the amenity fee seems to be increased by the amount of the CPI. The CPI is supposed to be a cap on increases. If the Center District were not spending amenity-fee revenue defending the Developer's use of tax-exempt bonds, maybe our annual increases would be less. But who knows?
That consideration aside, in all fairness to the Developer, SO FAR it appears to be "no harm, no foul" and no basis for another class action by Villagers. We will see what the future holds.
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[quote=janmcn;710509]
Quote:
Originally Posted by Advogado
That still doesn't answer the question of why are the residents paying to defend the developer's bottom line?
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Hey, I am not happy about the whole situation.
But to answer your question, technically the Center District, as the issuer of the purportedly tax-exempt bonds, is paying its attorneys to defend its actions. My point in my earlier post is that what the residents are entitled to, in exchange for our amenity fees, are the amenities at the same level as when our house was originally sold by the Developer. As long as we get that, we are not hurt by the District's paying attorneys to defend what is really the Developer's financing scheme.
IF the attorney fees and, more importantly, the other costs resulting from loss of the tax-exempt status of the bonds render the Center District financially unable to continue to provide the amenities, THEN we have a basis for a claim against the Center District and the Developer. But for right now, life goes on.