Quote:
Originally Posted by dillywho
Has it occurred to anyone here that IF the IRS prevails that it may just all fall on the developer alone? Then what will the nay-sayers have to say about the developer?
.
|
The dispute is between the central districts and the IRS. The developer is involved only because he is the principal landowner in the central districts and thus controls the makeup of the boards. But our amenity fees go to the central districts and the quality of our amenities may be at risk if the IRS prevails.
Now, there are those who believe the developer will not let our amenities suffer and will step in to cover penalties and interest if they are imposed. But he has no legal obligation to do that. With the profits earned from the sale of the amenities, which was maximized because of the tax-free bonds, there may be a moral obligation to keep us whole since we did not benefit in any significant way from the bond issue.
But, as stated many times before, nobody knows what the outcome will be.