Quote:
Originally Posted by Advogado
The residents will certainly never be liable for any of the IRS issues. Some earlier remarks by Lauren Ritchie notwithstanding, that has never been viewed as a risk by anyone with an understanding of the matter.
To explain a complicated matter in a few words: At least so far, the IRS issues are not directly "with the Villages Developer". Instead, the IRS issues are with the Center Districts, which issued the purportedly tax-exempt bonds and which own a big chunk of our amenities. The risk to Villagers (which may or may not ever materialize) is that the resolution of the IRS issues may impose such a huge cost on those Districts that that they are unable, financially, to continue the amenity system. If that happens, things get dicey.
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The developer walks away with one billion dollars in profits, by selling the facilities that he built to himself at greatly inflated prices, verified by his very own appraiser. And the IRS is only investigating the sale of amenities north of CR466.
What happens when the developer begins his march from CR466 all the way to SR44, selling all those wonderful facilities that residents have enjoyed so much? Will they have the nerve to use tax-free bonds to finance the sale of these facilities, or have they learned their lesson? What do I have wrong?