[The Shadow]

Originally Posted by Advogado

The major new development that has been reported in the news stories, but not mentioned in this thread, is the following: "This month, the I.R.S. widened its inquiry to cover more than $400 million in additional bonds issued by special districts associated with the Villages."

Do you have a web address for this information?

[villages07]

From all that I have read, the issue is with the recreational bonds issued by the two central districts to pay for the amenity facilities purchased from the developer. The "new development", i.e. that IRS is looking at another $400M in bonds issued by the special districts (not to be confused with the numbered residential CDDs) would then appear to be more of the same recreational bonds.

We have to remind ourselves that the IRS issue is with the recreational amenity bonds and NOT the infrastructure bond associated with the purchase/construction of a home.

It is certainly something to monitor for all of us already here and those researching a purchase in the Villages. Knowing what I know now, it would not stop me from buying a home here. Perhaps some good will come of it.... i.e. the negotiated sales price of amenities to the central districts will be based on more logical valuations rather than future revenue streams and will indeed be "arms length" transactions. Whether these bonds should be tax free munis or not is in the hands of the experts. I'm sure a case can be made either way. And, it's not just The Villages that has been doing this...many other CDD communities in Florida.

Stay tuned....

[NancyLou]

Originally Posted by Bogie Shooter

nancylou & k2at go here to learn more about this issue.
Orlando Sentinel what-ifs for The Villages IRS fight
Seems everyone has an opinion.......all different.

Thanks, already checked that out. Guess then that is all to be told for now.

Nanc

[Bogie Shooter]

This is a waste of bandwidth. I found three other threads on this topic; one had 57 posts and 3328 views, another 32 & 2581, and another 90 7241.
There is nothing new to add....only speculation and opinion, what is being accomplished?

[Advogado]

Originally Posted by The Shadow

Do you have a web address for this information?

Shadow:

Here is the NY Times article: http://www.nytimes.com/2009/07/10/us/10florida.html

Copies of the actual IRS notices can be obtained at the VCCDD Office.

[Advogado]

Originally Posted by Bogie Shooter

This is a waste of bandwidth. I found three other threads on this topic; one had 57 posts and 3328 views, another 32 & 2581, and another 90 7241.
There is nothing new to add....only speculation and opinion, what is being accomplished?

I don't think that keeping abreast of, and discussing, current events that could have a profound effect on one's future is a waste of either bandwidth or time.

[iaudit]

Originally Posted by Bogie Shooter

This is a waste of bandwidth. I found three other threads on this topic; one had 57 posts and 3328 views, another 32 & 2581, and another 90 7241.
There is nothing new to add....only speculation and opinion, what is being accomplished?

Anyone who is tired of hearing about this subject can do what I do when I see another political thread, ignore it.

[Muncle]

Originally Posted by Advogado

I don't think that keeping abreast of, and discussing, current events that could have a profound effect on one's future is a waste of either bandwidth or time.

That may be true if each thread didn't have to go back to square one to bring people up to date and to correct misconceptions. 07 does a good and patient job of the latter, but some get frustrated. How many times in here does the infrastructure bond have to be explained? How many times does it have to be repeated that much to the chagrin of Ritchie & Co., the Morse family is not a participant in this IRS action and even in an absolutely worst case would owe absolutely nothing. Oh, in that situation, the developer might volunteer some type of remuneration to assist the special districts,. but about the only way he could be forced into such action would be for the POA principals or a similar group to file another "get rich quick" class action nuisance suit against him.

Y'know, this action is kinda like that disgusting Bleicham book or the "medical" report of STDs in TV. The initial report or book comes out and people refute the inaccuracies and near slander. Then later, maybe months later, a NY paper or a cable TV network has a slow day and picks up the story. They always go with the originals, never the follow-ups. And since the NY times/Post/Daily News/whatever has printed it, it's picked up by the Muncie, Daily Wipe and the Gloucester Birdcage Liner. And of course it's reported back here as new, breaking news.

07, Kate, Boomer, Barefoot and others of you who try to explain this and other constantly recurring situation much more patiently than I --- can I suggest that you create a WP file that reiterates what you've written (something the CDD should definitely do in a FAQ column) and whenever one of these rears its ugly head, just dump the file. One of you might add that the only way to insure residents' protection and guarantee the freedoms of ourselves and our progeny is for everyone to join the POA and support them in all their endeavors. That might save one or two posts.

And if you do not agree with me, then you sir are worse than Al Gore.




`

[golf2140]

We must all remember that this issue is the opinion of one person who works for the IRS. They need to justify their position.

[The Shadow]

Putting the problem in a basic form, the way I see it.

The VCCDD sold tax free bonds to pay off the developer. The developer is now out of the picture.

The IRS said this was the wrong thing to do. The IRS wants money.

The VCCDD's only income is the home owner. OR Can the VCCDD sell taxable bonds and buy back the tax free bonds?

Ignoring the IRS is not an option.

I do not look at this as a political issue, it is potentially about our money and I for one do not plan on going back to work.

[chuckinca]

Originally Posted by Muncle

That may be true if each thread didn't have to go back to square one to bring people up to date and to correct misconceptions. 07 does a good and patient job of the latter, but some get frustrated. How many times in here does the infrastructure bond have to be explained? How many times does it have to be repeated that much to the chagrin of Ritchie & Co., the Morse family is not a participant in this IRS action and even in an absolutely worst case would owe absolutely nothing. Oh, in that situation, the developer might volunteer some type of remuneration to assist the special districts,. but about the only way he could be forced into such action would be for the POA principals or a similar group to file another "get rich quick" class action nuisance suit against him.

Y'know, this action is kinda like that disgusting Bleicham book or the "medical" report of STDs in TV. The initial report or book comes out and people refute the inaccuracies and near slander. Then later, maybe months later, a NY paper or a cable TV network has a slow day and picks up the story. They always go with the originals, never the follow-ups. And since the NY times/Post/Daily News/whatever has printed it, it's picked up by the Muncie, Daily Wipe and the Gloucester Birdcage Liner. And of course it's reported back here as new, breaking news.

07, Kate, Boomer, Barefoot and others of you who try to explain this and other constantly recurring situation much more patiently than I --- can I suggest that you create a WP file that reiterates what you've written (something the CDD should definitely do in a FAQ column) and whenever one of these rears its ugly head, just dump the file. One of you might add that the only way to insure residents' protection and guarantee the freedoms of ourselves and our progeny is for everyone to join the POA and support them in all their endeavors. That might save one or two posts.

And if you do not agree with me, then you sir are worse than Al Gore.




`

If you are tired of re-reading this issue, don't.


.

[zcaveman]

Originally Posted by Bogie Shooter

This is a waste of bandwidth. I found three other threads on this topic; one had 57 posts and 3328 views, another 32 & 2581, and another 90 7241.
There is nothing new to add....only speculation and opinion, what is being accomplished?

If you check around, many of the new posts have already been posted somewhere - lanais, landscape, garages, carts, etc. I think a new post by new members is better than searching the hard to search archives. It also lets the new members get up to speed on the subjects and express their views.

Besides bandwidth is cheap now a days.

As someone stated, it you are tired of the thread, you have an option of not reading it.

I always like the new slants on this one.

[The Shadow]

Originally Posted by zcaveman

If you check around, many of the new posts have already been posted somewhere - lanais, landscape, garages, carts, etc. I think a new post by new members is better than searching the hard to search archives. It also lets the new members get up to speed on the subjects and express their views.

Besides bandwidth is cheap now a days.

As someone stated, it you are tired of the thread, you have an option of not reading it.

I always like the new slants on this one.

Zcaveman,

Thanks for that, I was starting to think I took a wrong turn and I was not in Florida’s Friendliest Hometown.

I hope more information comes out at the July 21 meeting of the POA.

[Bogie Shooter]

Originally Posted by Muncle

That may be true if each thread didn't have to go back to square one to bring people up to date and to correct misconceptions. 07 does a good and patient job of the latter, but some get frustrated. How many times in here does the infrastructure bond have to be explained? How many times does it have to be repeated that much to the chagrin of Ritchie & Co., the Morse family is not a participant in this IRS action and even in an absolutely worst case would owe absolutely nothing. Oh, in that situation, the developer might volunteer some type of remuneration to assist the special districts,. but about the only way he could be forced into such action would be for the POA principals or a similar group to file another "get rich quick" class action nuisance suit against him.

Y'know, this action is kinda like that disgusting Bleicham book or the "medical" report of STDs in TV. The initial report or book comes out and people refute the inaccuracies and near slander. Then later, maybe months later, a NY paper or a cable TV network has a slow day and picks up the story. They always go with the originals, never the follow-ups. And since the NY times/Post/Daily News/whatever has printed it, it's picked up by the Muncie, Daily Wipe and the Gloucester Birdcage Liner. And of course it's reported back here as new, breaking news.

07, Kate, Boomer, Barefoot and others of you who try to explain this and other constantly recurring situation much more patiently than I --- can I suggest that you create a WP file that reiterates what you've written (something the CDD should definitely do in a FAQ column) and whenever one of these rears its ugly head, just dump the file. One of you might add that the only way to insure residents' protection and guarantee the freedoms of ourselves and our progeny is for everyone to join the POA and support them in all their endeavors. That might save one or two posts.

And if you do not agree with me, then you sir are worse than Al Gore.




`

Once again you speak with great wisdom.
Sometimes I think people are too lazy to search and read previous posts.....its so easy to just ask the same question again.
Happy Reading to all!

[Boomer]

Originally Posted by Bogie Shooter

Once again you speak with great wisdom.
Sometimes I think people are too lazy to search and read previous posts.....its so easy to just ask the same question again.
Happy Reading to all!

Do not rush to judgment on the lazy thing. It has nothing to do with laziness. I always thought I knew my way around a Boolean search until I met up with the search thing on here. It is like some circle of the Inferno. I do not get it. And to make matters worse, it is capricious as all get out. Sometimes it gives me what I want. But mostly it does not. And besides all that, the archives here are big and deep.

And everybody has not been around here forever. New people can use a little help navigating.

When somebody asks for help, if you personally are not inclined to want to help, that's your business. But there is no point in trying to make somebody uncomfortable about asking questions. Is there?

Boomer