You got that right, although I would be pretty sure the residents would ultimately prevail. But what happens in the meantime to the amenity system?:sad:

I strongly disagree.

As residents follow this issue they need with support from the POA to discuss what options are available to them depending on the outcome.

It must begin with what the decision means for The Villages future

it must include who has liability/responsibility why the IRS ruled against The Villages, if they do

it must include research on related legal cases

Then you have not been following this matter very closely.

Hundreds and hundreds of opinions. Nobody really knows.

https://www.talkofthevillages.com/fo...igation-79482/
https://www.talkofthevillages.com/fo...-issues-74539/
https://www.talkofthevillages.com/fo...d-issue-72635/
https://www.talkofthevillages.com/fo...wer-irs-70454/
https://www.talkofthevillages.com/fo...e-bonds-36324/
https://www.talkofthevillages.com/fo...ion-irs-63371/
https://www.talkofthevillages.com/fo...igation-40713/
https://www.talkofthevillages.com/fo...allenge-53568/

My Thoughts
 

Has it occurred to anyone here that IF the IRS prevails that it may just all fall on the developer alone? Then what will the nay-sayers have to say about the developer?

Who took the risk to develop this place? Certainly none of us. How could the developers possibly have known for sure that if they built all this that it would be a sure-shot? As I see it, we really don't have anything to lose.

I remember when they had their troubles in Montana how people here were so worried about what ramifications we would all suffer if they lost in court. They lost and that was the end of that; no impact here other than criticisms of how they got into trouble in the first place and what scoundrels they are.

I don't know them, but I do appreciate their ability to do business. They have done many things here that they didn't have to do. The land for the VA Clinic comes to mind, for one. I'm sure it generates business for them in various ways but not having to constantly travel to Leesburg or Gainesville is a big plus for lots of folks here.

Let's worry about the issues facing each of us everyday and not so much about something over which we have no control. It still beats the heck out of any place else we've lived since retirement or considered. Comparison shopping is always an option.

At present it beats the heck out of any other retirement option we considered. However, if something happens to negatively affect the amenity fund flow, we'll all be singing a different tune. As Advogado said, hopefully the residents would prevail in a class action lawsuit, but that could take years, and in the meantime our property values would most likely take a hit. I'm certainly hoping things go our way, but realistically, I don't see any guarantees.

The dispute is between the central districts and the IRS. The developer is involved only because he is the principal landowner in the central districts and thus controls the makeup of the boards. But our amenity fees go to the central districts and the quality of our amenities may be at risk if the IRS prevails.

Now, there are those who believe the developer will not let our amenities suffer and will step in to cover penalties and interest if they are imposed. But he has no legal obligation to do that. With the profits earned from the sale of the amenities, which was maximized because of the tax-free bonds, there may be a moral obligation to keep us whole since we did not benefit in any significant way from the bond issue.

But, as stated many times before, nobody knows what the outcome will be.

So much certainty...........................

Join Date: Sep 2008
Location: Summerhill
Posts: 899
Default My Thoughts
Has it occurred to anyone here that IF the IRS prevails that it may just all fall on the developer alone? Then what will the nay-sayers have to say about the developer?

Who took the risk to develop this place? Certainly none of us. How could the developers possibly have known for sure that if they built all this that it would be a sure-shot? As I see it, we really don't have anything to lose.





Of course you realize it started very small and was added to as the original venture paid off and then more was added as more and more money was made . It's not like the whole thing was built at once hoping for a winner and millions were put at risk on less than a sure thing up front.

Well said. And although it wasn't the size it is now, the money put to risk was most everything they had.

Thank you Morse family for all of us who appreciate it and for those who don't.

I agree and it just goes to show you what can be done when there is money available that isn't taxed like crazy.

There could be more places like TV all across America if the government would just get out of our pockets and more people would accept individual responsibility.

I want to hug you.

Now I understand ( a little!)
 

Thanks for the direction to the POA website. Never even knew there was one. Now I understand why "no one knows"?? Geez, thinking about a hefty bond on a golf course home, enjoying life and all "the stuff" and potentially have a major "glitch",,,and never having been able to enjoy "the stuff". Boy, something to think about