The Villages: Florida's Disney World For Retirees : NPR
My wife, Cathy, and I are considering the Villages, but one concern remains for me: the future governmental and infrastructure costs.
The NPR article and book referenced above (link) confirm that the private developer, Gary Morse, owns TV except for the individual homes. As in any new condos, subdivisions, etc., the developer owns everything and initially bears 100% of all costs, sells off parcels or units, then eventually, when all sold, exits and leaves the owners to themselves for the continued financing of the infrastructure, commons and public spaces.
A common scenario (not saying this is TV, but it could be): developer subsidizes infrastructure --golf courses, town squares, shops, media (radio, television, press), offers reduced rents to restaurants, etc.--to maximize "show" and gain fullest profits from home sales (which is where the developer makes his money). When home sales completed and developer obviously has no further financial gain in paying for general daily maintenance and function, owners experience skyrocketing property tax and residential/condo fees to now pay for the extensive infrastructure (most often an infrastructure that they, themselves, would not have voted for if asked in a traditional town referendum for property tax increase to pay for said structure). Even businesses (eg developer owner or leased bowling alley), although charging a fee (e.g. to bowl), once private developer reduced rent subsidy ceases, the business often cannot survive on fees alone.
I have a basic understanding of the bonds and the property tax structure of TV.
What will the future hold for the governmental and fiscal structure of TV? Is there a legally defined succession plan, and accountancy estimates for the post-private developer Villages?
Thank you for any comments, or links to other related threads. I'm sure extensive thought has been given to this crucial next step as TV finishes its build out in the upcoming very few years. I respect your thoughts and knowledge on this subject. Thank you.
Steve