Quote:
Originally Posted by justjim
The State of Florida passed CDD legislation as an incentive for economic development and to allow Developers to build without having to put huge amounts of their monies upfront for all that goes into a 55 plus community like The Villages. I think it was a super idea.
There are no free amenities---somebody has to pay for them. Would The Villages be the same without this CDD legislation? That is a good question and debatable.
Obviously, the developer has profited from all the commercial properties for which he maintains total control. As I understand the IRS issue of tax free bonds, this is where the "rub" with the IRS comes into play. I am not an attorney, but I cannot envision the residents being liable for any of the IRS issues with The Villages Developer.
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Jim it is true there are no free amenities, but in most of the world those are covered in the overall sales price and/or maintenance fees. I do not object to the bond, as it is apparently provided for in Fl law, though obviously the tax-free nature has not been settled, and I understand that the wonderful amenities in TV need to be paid for somehow. I don't even feel they are necessarily overvalued. My concern is the lack of disclosure and education about bonds offered by many salespeople or the developer prior to the closing.