[TVMayor]

The POA VP was a no show at tonight's meeting.

[Advogado]

Originally Posted by TVMayor

The POA VP was a no show at tonight's meeting.

He was there; he just didn't say anything about the lawsuit.

In response to a question from the audience, the POA President, pleading pending litigation and a reluctance to casually discuss the matter, read a statement prepared by the attorney for the plaintiffs--which, in my view, did not clarify the matter any more than the Daily Sun article did. HOWEVER, the President did say that the next POA Bulletin would include an article by Plaintiffs' attorney that would explain the situation.

So, I guess we remain ignorant until the POA Bulletin appears in our driveways--unless either (a) the Daily Sun decides to act like a newspaper and reports the facts; or (b) one of us is curious enough to go to the court house and look at the documents on file there.

[TVMayor]

The Florida Government must have sunshine but it is OK if it is partly cloudy at the POA.

[rubicon]

Originally Posted by janmcn

According to published reports, the class-action lawsuit filed last March claims "the developer benefitted by illegally using the amenity fees as collateral to issue bonds for community expansion".

All residents of District 5 should plan on attending the POA meeting Tuesday to learn the details of this lawsuit.

janmcn: Bingo! that's exactly one of the allegations in the IRS action but they went further. It is my personal opinion that the Villages of Lake-Sumter, Inc (VKSI) leveraged buyers money to build The Villages, then continues to sell properties back to residents and at alleged over the market prices. But the kicker is that many of the income producing properties (commercial) are held by VLSI and residents still seem to have no voting rights.

Perhaps I am wrong here and if so please someone call me out because I have no desire to pass along misinformation.

If however these comments have merit it would behoove residents to side with their neighbors and secondly re-consider the misplaced loyalty toward a business entity called VLSI

Finally I wonder why amenities are being used there is perhaps another avenue

[TVMayor]

This is what has happened with the legal battle so far with the exception of 2 lines that got deleted off the bottom of the list do to my computer thinking for it self.

03/31/2014 CLASS REPRESENTATION COMPLAINT WITH EXHIBIT 1 - 3
03/31/2014 CIVIL COVER SHEET

[Advogado]

Originally Posted by Advogado

He was there; he just didn't say anything about the lawsuit.

In response to a question from the audience, the POA President, pleading pending litigation and a reluctance to casually discuss the matter, read a statement prepared by the attorney for the plaintiffs--which, in my view, did not clarify the matter any more than the Daily Sun article did. HOWEVER, the President did say that the next POA Bulletin would include an article by Plaintiffs' attorney that would explain the situation.

So, I guess we remain ignorant until the POA Bulletin appears in our driveways--unless either (a) the Daily Sun decides to act like a newspaper and reports the facts; or (b) one of us is curious enough to go to the court house and look at the documents on file there.

Today's Daily Sun, in an article buried on page C4, reported the dismissal of the new class-action lawsuit. However, thanks to the usual abysmal reporting by the Daily Sun on this very important matter, we still don't have a clear idea of exactly what provoked the lawsuit.

As long as the amenity system functions appropriately, as it seems to be doing now (thanks to the settlement funds from the first class action), it doesn't seem to me that we have a basis to sue the Developer. In other words, I have trouble understanding why the new class-action lawsuit was brought, at least at this time.

However, the underlying issue is the pricing that the Developer uses when selling our amenity facilities to the Center Districts that he controls. If the Developer overprices those facilities (as both the IRS and the first class-action lawsuit allege was done in the past), then our whole amenity system is placed at risk. This is because, as apparently happened prior to the first class-action suit, the Center Districts may be financially unable to both (a) pay the interest on the bonds they sell to raise the money to pay the Developer for our amenities, and (b) continue to furnish our amenities at the agreed-upon level. Hopefully, the POA will be keeping an eye on the details of the sales as they take place.

[Mr.Big]

Wow! Maybe its best that I remain a renter in The Villages. One less thing to worry about!

[Moderator]

This thread is straying into a political arena. Stay on topic, please.

[graciegirl]

Don't worry. There are a great deal more rumors and theories than facts on this thread.

I have lived here now going into eight years and the folks can't explain the IRS investigation into the municipal bonds now, any better than they could when we first moved here.

It seems that TOTV has deleted a lot of posts now, past a couple of years but here is a typical thread.

Latest Development in the IRS Tax-Exempt-Bond Investigation

I wish EdV would come back on this forum and comment. He may live in Stonecrest, but he was able to understand the issue and explain it better than anyone else in my opinion. There are some that just get exited when anything looks like it would be critical of the developers. I am not one of them.