Quote:
Originally Posted by Rags123
I got my information from a Bloomberg article..pretty detailed... written in 2012.....
"The districts were used “to perpetuate this ‘government by developer’ phase indefinitely,” wrote IRS examiner, Dominick Servadio Jr., in a 2009 letter to the Village’s CCD chairman. The May 2012, IRS brief said the agency believed that the 167-acre Village Center CDD and the 432-acre Sumter Landing CDD both failed to meet state requirements to be a district.
n 2009, the IRS requested a settlement requiring the Village Center and Sumter Landing districts to pay $16.5 million tax on the then-outstanding bonds, refinance $355 million of the bonds through taxable bonds, and to refrain from issuing municipal bonds in the future. The settlement was probably declined given the continuing investigation. "
Billionaire Morse Behind Curtain at Villages - Bloomberg
I saw not mention of January 2008 HOWEVER if Bloomberg erred, I was in error and stand corrected.
Not saying I am right or even Bloomberg, but based on a few posts, I just have to add.....I do trust Bloomberg much more than BUZZFEED on just about any subject  |
Bloomberg didn't err. The investigation began in 2008. The IRS proposed the settlement in 2009. The whole thing has, incredibly, bounced along ever since and still continues.