Villages Lake-Sumter Inc. (VLSI) financial plan for building TV allowed them to essentially finance it with residents' money and to profit handsomely while maintaining a continual flow of income in perpetuity. There was no question that the IRS inquiry carried merit because it was always clear what the requirements were to effect interest free bonds. The issue that no one seems to care about is what caused the District to deal in such a manner leaving residents exposed? I believe the IRS spelled it out clearly in their filings.
The issue now is all that matters and if the information is correct that the District is going to refinance with low interest rate bonds what does that mean for residents? Does VLSI have an obligations here? Many residents will chalk this up as good business but I pause and ask but for whom?
Cést la vie
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