Bond issue today $355m due

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #1  
Old 05-30-2009, 05:26 AM
conn8757 conn8757 is offline
Senior Member
Join Date: Jul 2007
Location: Village of Amelia
Posts: 367
Thanks: 0
Thanked 0 Times in 0 Posts
Default Bond issue today $355m due

The Orlando Sentinel front page says $355M due per IRS. It also says towards the end, half of the amenity fee is paying off bonds. The amenity fee amounts to $33,000,000 a year. What does this mean for individual villagers???
__________________
Village of Amelia, Orlando, Fl; Tampa, Fl., Irmo, S.C; Kewanee, Illinois ;Middleton, Ohio; Louisville, Ky; Marietta, Ga.
  #2  
Old 05-30-2009, 05:44 AM
Hawkwind's Avatar
Hawkwind Hawkwind is offline
Veteran member
Join Date: Oct 2008
Location: Uniontown Ohio
Posts: 754
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Here is a link for those that do not get a hard copy.

http://www.orlandosentinel.com/news/...,5054493.story
  #3  
Old 05-30-2009, 08:39 AM
JimJoe's Avatar
JimJoe JimJoe is offline
Veteran member
Join Date: Dec 2008
Location: Iowa
Posts: 856
Thanks: 0
Thanked 0 Times in 0 Posts
Default Buyers notified?

Do buyers have a right to know about this bond issue before they make an offer? Seems like they should. Have any recent buyers been told by the realtor?

Quote:
Originally Posted by Hawkwind View Post
Here is a link for those that do not get a hard copy.

http://www.orlandosentinel.com/news/...,5054493.story
  #4  
Old 05-30-2009, 09:05 AM
Lauren Ritchie Lauren Ritchie is offline
Member
Join Date: Sep 2008
Location: Lake Jem, Fla.
Posts: 32
Thanks: 0
Thanked 0 Times in 0 Posts
Default More details on $355 million bond fiasco

folks,
my name is lauren ritchie, and i am the orlando sentinel columnist who has been watching the progress of the IRS examination of the village center district (and now the sumter landing district) bonds.

the news story on the latest developments is posted at the sentinel site at www.orlandosentinel.com/lake

there, you can find links to the news story, my column which tries to look a little ahead in the process (this may answer your question, conn8757) and the actual documents sent to the district by the IRS. they are a fascinating read, and i recommend looking at them.

also, i've posted a blog item that deals with the response of charles smith, a villages resident who is the chairman of the village center district board of supervisors.

that link is http://www.orlandosentinel.com/laurenonlake

i notice that someone asked whether bond buyers are being notified of the problems with the bonds before purchasing them. i do not know the answer, but i can tell you that the village district has done the right thing by notifying the standard reporting agencies of problems with the IRS. whether investment advisors know of/pass along those notices is not something i can answer. perhaps you have some retired investment advisor who can get on the forum and tell you.

if you read the article and column carefully, you will realize that this is but a step in the process. however, it's a step that tells you a lot about where the IRS is headed with this investigation.

i invite your comments on the column and on the blog. i'll also check back here later today and try to respond to anything posted here. at the moment, i have five wide-open acres just screaming to be mowed.

lauren ritchie
  #5  
Old 05-30-2009, 09:10 AM
Lauren Ritchie Lauren Ritchie is offline
Member
Join Date: Sep 2008
Location: Lake Jem, Fla.
Posts: 32
Thanks: 0
Thanked 0 Times in 0 Posts
Default one other tidbit

jimjoe,
i misunderstood your point. you were asking whether home buyers rather than bond buyers have the right to be notified about the IRS examination before purchase.

i am guessing, but i am pretty sure the answer is no. i would hope that folks who are going to invest such a substantial amount of money would do a little work on their own and make a judgment as to whether they think this is a material problem.

perhaps a real estate agent will correct me if i am wrong.

lauren
  #6  
Old 05-30-2009, 09:24 AM
Mallory Mallory is offline
Senior Member
Join Date: Jul 2008
Posts: 406
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Typical, overblown, anti-Villages story from the Orlando Sentinel. I'm not "outraged" by this single investigators report.
  #7  
Old 05-30-2009, 10:02 AM
SteveZ SteveZ is offline
Banned
Join Date: Jul 2007
Location: 32162
Posts: 1,835
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Quote:
Originally Posted by Lauren Ritchie View Post
folks,
my name is lauren ritchie, and i am the orlando sentinel columnist who has been watching the progress of the IRS examination of the village center district (and now the sumter landing district) bonds.

the news story on the latest developments is posted at the sentinel site at www.orlandosentinel.com/lake

there, you can find links to the news story, my column which tries to look a little ahead in the process (this may answer your question, conn8757) and the actual documents sent to the district by the IRS. they are a fascinating read, and i recommend looking at them.

also, i've posted a blog item that deals with the response of charles smith, a villages resident who is the chairman of the village center district board of supervisors.

that link is http://www.orlandosentinel.com/laurenonlake

i notice that someone asked whether bond buyers are being notified of the problems with the bonds before purchasing them. i do not know the answer, but i can tell you that the village district has done the right thing by notifying the standard reporting agencies of problems with the IRS. whether investment advisors know of/pass along those notices is not something i can answer. perhaps you have some retired investment advisor who can get on the forum and tell you.

if you read the article and column carefully, you will realize that this is but a step in the process. however, it's a step that tells you a lot about where the IRS is headed with this investigation.

i invite your comments on the column and on the blog. i'll also check back here later today and try to respond to anything posted here. at the moment, i have five wide-open acres just screaming to be mowed.

lauren ritchie
Ms. Ritchie is correct in that "this is but a step in the process."

In situations like this, it doesn't matter if you are right or not. It becomes a matter of "is the fight to prove you are right worth the cost of litigation?" Quite often, settlements occur simply to close the matter because being right is less important than being solvent. Insurance companies do this all the time. So don't businesses which get sued all the time (e.g., drug companies) just to keep a lid on overall costs. Dealing with the government is no different, whether it is a tax matter or other matter where there is any possible fiscal penalty.

We've all been there, such as the parking ticket where the meter was broken, but it was cheaper to pay the ticket than fight it, knowing the costs would escalate in court. It's not fair, but it is what happens.

Whatever happens....It's a beautiful day in The VIllage today!
  #8  
Old 05-30-2009, 10:17 AM
Number 6's Avatar
Number 6 Number 6 is offline
Veteran member
Join Date: Sep 2007
Location: West Hemingway
Posts: 753
Thanks: 0
Thanked 0 Times in 0 Posts
Default

I do not know Stephen Hudak, but the tone of his article is more "editorial": than "news". The colorful language in the first paragraph makes me belive he is jealous of anyone living in The Villages. Maybe it is just me. Maybe I should be grateful that someone is looking out for me. Oh well, I am going golfing.
__________________
"I am not a number. I am a free man."
  #9  
Old 05-30-2009, 11:15 AM
Advogado Advogado is offline
Gold member
Join Date: Jul 2007
Posts: 1,030
Thanks: 59
Thanked 682 Times in 227 Posts
Default Potentially extremely serious issue

Lauren-- Thanks for reporting on this issue. The Villages Daily Sun has completely abdicated its responsibility as a news organization by not covering what is clearly the most important issue facing Villagers today.

To the contributors who are attacking you as the bearer of bad news, I suggest that they actually read the latest IRS correspondence, think about the magnitude of the potential Central District and Developer liability, and start considering the consequences to Villagers if the IRS prevails.
  #10  
Old 05-30-2009, 11:26 AM
SteveZ SteveZ is offline
Banned
Join Date: Jul 2007
Location: 32162
Posts: 1,835
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Quote:
Originally Posted by Advogado View Post
Lauren-- Thanks for reporting on this issue. The Villages Daily Sun has completely abdicated its responsibility as a news organization by not covering what is clearly the most important issue facing Villagers today.

To the contributors who are attacking you as the bearer of bad news, I suggest that they actually read the latest IRS correspondence, think about the magnitude of the potential Central District and Developer liability, and start considering the consequences to Villagers if the IRS prevails.
What consequences are those? I have yet to see anything from anybody that identifies a "consequence." Getting folks worried over speculation does no good except for Valium salesmen.

Until someone can honestly state a specific consequence to a homeowner - and make that statement with authority and knowledge to back it up - then it's just backyard gossip and handwringing for no reason other than being "Chicken Little."
  #11  
Old 05-30-2009, 11:52 AM
hdh1470 hdh1470 is offline
Senior Member
Join Date: Jan 2009
Location: T.V,
Posts: 412
Thanks: 0
Thanked 1 Time in 1 Post
Default

the burden lies with the developer and not residents period
  #12  
Old 05-30-2009, 12:09 PM
Bogie Shooter Bogie Shooter is offline
Sage
Join Date: Sep 2008
Posts: 17,174
Thanks: 6
Thanked 3,705 Times in 1,694 Posts
Default

Quote:
Originally Posted by SteveZ View Post
What consequences are those? I have yet to see anything from anybody that identifies a "consequence." Getting folks worried over speculation does no good except for Valium salesmen.

Until someone can honestly state a specific consequence to a homeowner - and make that statement with authority and knowledge to back it up - then it's just backyard gossip and handwringing for no reason other than being "Chicken Little."
SteveZ...thanks again for your usual common sense response.
  #13  
Old 05-30-2009, 12:22 PM
swrinfla swrinfla is offline
Platinum member
Join Date: Jan 2007
Posts: 1,778
Thanks: 0
Thanked 2 Times in 2 Posts
Default



As usual, SteveZ's cool comments should prevail!

SWR
(also a Steve!)

__________________
Missouri-Massachusetts-Connecticut-Maine-Missouri-Texas-Missouri-Florida
  #14  
Old 05-30-2009, 12:36 PM
chuckinca's Avatar
chuckinca chuckinca is offline
Sage
Join Date: Aug 2007
Posts: 4,906
Thanks: 0
Thanked 2 Times in 2 Posts
Default

Quote:
Originally Posted by swrinfla View Post


As usual, SteveZ's cool comments should prevail!

SWR
(also a Steve!)



Hopefully, SteveZ's cool comments will prevail.

.
__________________
Da Chicago So Side; The Village of Park Forest, IL; 3/7 Cav, 3rd Inf Div, Schweinfurt, Ger 65-66; MACV J12 Saigon 66-67; San Leandro, Hayward & Union City, CA (San Francisco East Bay Area) GO DUBS ! (aka W's)
  #15  
Old 05-30-2009, 12:57 PM
BobKat1 BobKat1 is offline
Gold member
Join Date: Apr 2009
Location: Frankfort, Il
Posts: 1,041
Thanks: 0
Thanked 0 Times in 0 Posts
Default

This issue certainly seems like something the Daily Sun should at least cover, just to give updates to homeowners. Not reporting on it can potentially generate a lot of misinformation.
Closed Thread

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 05:26 PM.