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Old 10-29-2007, 01:10 PM
Renee Renee is offline
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Default Re: Real Estate Prices with excess supply

Donna

This question was asked and answered on another site.

The residents own the executive golf courses, swimming pools and recreation centers.
Not true. The developer sold the amenities (Executive golf courses, recreation centers and associated swimming pools) to the Villages Center Community Development District (VCCDD) and the Sumter Landing Community Development District (SLCDD).

These commercial districts are controlled by the commercial landowners in these districts. No residents live in these districts. The developer of The Villages is the majority landowner in both districts and the commissioners elected by the commercial property owners makes all decisions relative to the management of the amenities. Bonds floated by the 2 central districts paid for the amenities purchased from the developer. A portion of the residents' monthly amenity fees is used to retire these bonds.