Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Developer IRS issues.
Can anyone update me on the latest on the IRS investigation of the developer and the use of the development bonds? I am a soon to be villager and want to keep current on this situation.
Thanks, Sue |
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#2
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Recently it was determined that the Morse organization did not make a profit on the entities that they turned over to the CDD's, which included real property such as the Savannah Center and other rec centers. To all wannabees, do your due diligince on every issue and if you are still concerned, please don't buy here. Also for people considering buying here, you cannot buy a new home and write a contingincy and you cannot get a loan on a new home using FHA or VA. There is a separate bond that you must pay that is the cost of the infrastructure and it is about 23K for a designer and is NOT figured into the cost of a new home and that is unlike any other place I have lived. When you pay a deposit on a home they won't refund it and the developer is enormously rich and invites representatives of a certain political party to speak at the squares. The paper is slanted politically and the majority of the people living here vote for a certain party. I don't want any ugly surprises for anyone considering buying here because you are not being forced to. OH...and you will find a good share of oldish people living here and some of them are fat. Suits us just fine, but it isn't for everybody. Nobody knows if the STD rate is high, but some think it is a big fib. But...we are all alive and still kicking and who knows what goes on behind closed doors? AND if a certain poster sends me another PM asking how much the developer pays me ...I am going to either cry or cuss.
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It is better to laugh than to cry. Last edited by graciegirl; 04-08-2013 at 06:58 AM. |
#3
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Even though this is a repeated question to many of us, I can see why a new resident to be would ask. It's not a repeated question to them. They should feel free to ask questions and be welcomed.
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#4
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I agree, not nice to be snarky to newbies. And the Developer essentially is the Villages in that he controls and gets paid for everything from the media to real estate sales, to trash pick ups. He is most certainly the force behind the tax exempt bond offerings that are being investigated by the IRS, since he created the development districts in the Villages in order to issue the bonds . There is an informative article in Business Week that offers more information: Billionaire Morse Behind Curtain at Villages - Businessweek
Last edited by mickey100; 04-08-2013 at 10:11 AM. |
#5
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Oh and Chinook is not a new poster, I checked. I read every one of her posts. She has been posting since 2010 and she is a nice person and doing what she should be doing..asking questions and gaining information. The post I posted was for the benefit for anyone new or anyone who thinks that they can slither in here and start trouble. Sorry Chinook, if I hurt your feelers. I really am. You were asking honestly and kindly. The article you linked. Mickey109 is fair and accurate and points out the politics of the developer and also points out which party his business contributes to.
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It is better to laugh than to cry. |
#6
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Village Community Development Districts http://www.districtgov.org/images/wh...ews2009031.pdf A BRIEF CHRONOLOGY OF IRS VS. VCCDD AND SLCDD The Villages Homeowners Association |
#7
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Then you can decide whether you want to spend your money at Publix or Sweetbay! Happy Daze, XO Mack
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"I did not get into rock-n-roll just to pick up chicks. However..I was able to adapt". Ted Nugent |
#8
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Chapter 8 of the book Leisureville, Government, Inc., is fairly informative about how The Villages is operated. It took me a few reads of the chapter to understand the CDD structure and from that what the IRS's position could be, but I think I finally absorbed it.
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#9
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GREAT POST !!! You are correct and not doing anything but telling the truth. I have been here for about 14 years and tired of hearing all the "snarky" comments about the developer. He does not "shake down" business here in The Villages. About 15 years ago, he was spending his own money to entice and was actually begging busness to come to The Villages. He does not have "secrets" to spring on you and believe it or not, has no knowledge of where a sinkhole might spring up (does anyone). He is not under investigation, as folks on here keep alluding to. You are correct that the CDD use is what is being looked which by the way was first used by Walt Disney just down the road. Reading the misinformation on here and the constant complaining is very unsettling. When you move ANYWHERE, not just here, do you not do your own due diligence ? And someone recently said that things are not done for the benefit of the residents. Gee.......we sure see things differently. Sometimes folks get spoiled and should just find that perfect place...oh wait..thats the point....some will complain about anything with NO facts in order to be happy I suppose. Again....GREAT POST |
#10
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Bonds setup by State of Florida
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Most people are as happy as they make up their mind to be. Abraham Lincoln |
#11
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We attended a CDD meeting recently (we are new home owners in The Villages, but not new to Florida). It was very informative and very helpful in understanding how our government structure works here. So far it seems like a very effective form of governing. Apparently CDD's have been used here in Florida since the 1800's.
As far as the IRS incident, the recent IRS findings were very good for us. Their auditors found our community assets are worth way more than the CDD's paid for them and have been a good deal for all involved (CDD, developer, and residents). Just putting in my two cents.
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Jackie "The family - that dear octopus from whose tentacles we never quite escape, nor, in our inmost hearts, ever quite wish to." ~Dodie Smith |
#12
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I meant to say he created them in The Villages. Thanks for clarifying for those who aren't familiar with the CDD process. And the CDD's are a legal entity and could benefit many people when they are operated correctly. The IRS issue is the the CDD's in The Villages are not acting like a public entity since they are controlled so closely by the developer, hence the question about their validity.
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#13
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Troy, Rochester, Hazel Park, Harbor Beach, Grand Rapids, Michigan |
#14
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I must say, if I owned the Villages, I would run it the way I want to run it because it would be mine ! Those who don't like the way I run it can move to Stonecrest or Spruce Creek. Hope everyone has a wonderful day !!!
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Troy, Rochester, Hazel Park, Harbor Beach, Grand Rapids, Michigan |
#15
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News Flash.....
This just in....... Rumor has it the developer is an "R"...... Stay tuned...... |
Closed Thread |
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