tv costs when developer is done

[fred boswell]

I was wondering as a perspective villager how much the costs of the amenities will rise after the developer completes building. Is the developer going to continue to manage the facilities? Additionally, I read about the IRS issue and who will be on the hook for the tax bill if there is an unfavorable ruling. The developer, the residents or both.

In closing, my wife and I fell in love with your community when we visited in March and hope to become frogs when we retire in less than two years.

[Bogie Shooter]

I was wondering as a perspective villager how much the costs of the amenities will rise after the developer completes building. Is the developer going to continue to manage the facilities? Additionally, I read about the IRS issue and who will be on the hook for the tax bill if there is an unfavorable ruling. The developer, the residents or both.

In closing, my wife and I fell in love with your community when we visited in March and hope to become frogs when we retire in less than two years.
If you check back in two years, maybe, there will be an answer to the IRS question.
As to the two other questions.......not sure how anyone here would be able to answer those questions? You will, however, get multiple opinions.

[Barefoot]

I was wondering as a perspective villager how much the costs of the amenities will rise after the developer completes building. Is the developer going to continue to manage the facilities? Additionally, I read about the IRS issue and who will be on the hook for the tax bill if there is an unfavorable ruling. The developer, the residents or both.

Welcome Fred! We'd all love to know the answers to your questions! :confused:

[zcaveman]

Unless they can change the deed restrictions for all villages, I do not see the amenity fees going up annually by more that the CPI.

[swrinfla]

Inclined to agree with zcaveman. All should remember that TV is NOT like any other 'retirement community', especially those where the developer may have limited assets with which to keep the entity going.

SWR
:beer3:

[EdV]

Any changes to the deed restrictions cannot and will not change the amenities fee because the fee is restricted to the terms of the perpetual contract between the buyer and the developer that was agreed to at the time of the original purchase of the home. It can never be raised by more than the cost of living index in any given year.

[NJblue]

I agree with the above posts regarding the cap on the amenity fee.

In addition, most of the amenities below 466 are still owned by the developer who collects all of the amenity fees for them. He in turn pays the CDD to maintain and manage these amenities. Eventually these amenities will be purchased by the CDD (via additional bond offerings) and then the amenity fees for them will stay with the CDD.

Per Janet Tutt who is in charge of the CDD, she looks forward to this since the amount of the amenity fees collected is greater than the amount that the developer is paying the CDD for maintenance and management. If this is true, then the current rate structure for the amenities is more than adequate for ongoing operation - as long as costs are kept in line with inflation.

[fred boswell]

Thanks Bogie for pointing me in the right direction.

Village Kahuna answered my concerns with his posts. When the developers done the HOA or POA takes control. Looks like your POA is on the ball.

All you have to do is elect right people to Homeowners Association or whatever the board is called. Try to hire the current managers and employees that are in place.

Based on this web site the villages have enough smart people to transition easily.

Bought into a developing condo association (350) units and all went well from developer to homeowner ownership. Had its growing pains but that is why electing the right board is so important.

[Midge538]

"Thanks Bogie for pointing me in the right direction."

Bogie will 'always' point you .. .and everyone else ... in the same direction.... it's a 'family' thing. Consider taking a wider view and consideration of what could be on financial tap here. It is a lovely and special community but do your homework re: financial liabilities and implications so that you run into no surprises.

[downeaster]

When the developers done the HOA or POA takes control. Looks like your POA is on the ball.Fred, the.

Fred, The Villages is a Community Development District (CDD). Neither the HOA nor the POA will take control. The CDD concept is complicated and confusing to a lot of people.

You might refer to NJblue's post above. Then for a more detailed explanation I would suggest visiting www.districtgov.org.

[fred boswell]

Thanks downeaster, I misspoke using the terms HOA and POA. The CDD as I understand it will at some point come under homeowner control. I believe I read those homeowners will be elected to those positions.

[graciegirl]

None of us really know when build out will come.

I hate to think of homeowners running this place. I have lived long enough to see that happen unsuccessfully.