IRS/Bond Issue

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  #16  
Old 03-15-2013, 12:25 PM
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"Not pointing fingers at anyone", but I would think anyone with any common sense and thirst for knowledge would wait for other reliable news sources to either confirm or offer another side before making any judgements. That is not a dig on the developer, the paper, or the IRS. Kind of what we teach kids, check with multiple sources before making a decision......unless its in the DS and you live in The Villages.....
  #17  
Old 03-15-2013, 12:36 PM
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To the "Negative Nellies":

“The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true.”

James Branch Cabell, The Silver Stallion

I respect the views of the pessimists who have a vested interest in the future of The Villages. Some are friends and neighbors. Their voices are necessary to keep an objective perspective. I do not view those who are perpetual Morse and TV bashers with the same benevolent perspective because their motivation is corrupt.

I remember distinctly the campaign waged by the alleged reporter Lauren Ritchie. Some from this forum cheered her on as she raised fears and arrogantly chastised Villagers for being more interested in their tee times than her representation of the doom and gloom bond issue. Some praised her agenda driven "investigative" expose while failing to recognize that she is NOT a reporter. She is a self proclaimed columnist unbridled by the ethics most reporters are bound to. In short, her "reporting" is biased and agenda driven.

After some simple "Google" research on a broader perspective of her work, I have arrived at the opinion that she is anti-Morse, anti-Villlages and anti-development. She does have a non-Villager like minded following.

I wonder how she will treat this stunning victory for The Villages and Mr. Morse. Refer to the "Negative Nellies" for a hint.

Does the developer still own the Villages Daily Sun?
  #18  
Old 03-15-2013, 12:42 PM
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For some reason, Lauren Ritchie has always been "anti-Villages" and against anything about the Morse family. She is the worst kind of muck-raker you can imagine.
  #19  
Old 03-15-2013, 01:04 PM
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If the information is accurate, it does resolve one of the big questions, i.e., that the price paid was inflated to the benefit of the developer. I thought that would be the harder point to prove for the CDD.

The other main point, the ability of the CDD to issue tax free bonds, seems more likely to be resolved in favor of the CDD since it was formed legally under Florida law and there are precedents with this type of government throughout the state.

Hope it works out that way.
  #20  
Old 03-15-2013, 01:08 PM
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Quote:
Originally Posted by cabo35 View Post
To the "Negative Nellies":

The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true.

James Branch Cabell, The Silver Stallion

I respect the views of the pessimists who have a vested interest in the future of The Villages. Some are friends and neighbors. Their voices are necessary to keep an objective perspective. I do not view those who are perpetual Morse and TV bashers with the same benevolent perspective because their motivation is corrupt.

I remember distinctly the campaign waged by the alleged reporter Lauren Ritchie. Some from this forum cheered her on as she raised fears and arrogantly chastised Villagers for being more interested in their tee times than her representation of the doom and gloom bond issue. Some praised her agenda driven "investigative" expose while failing to recognize that she is NOT a reporter. She is a self proclaimed columnist unbridled by the ethics most reporters are bound to. In short, her "reporting" is biased and agenda driven.

After some simple "Google" research on a broader perspective of her work, I have arrived at the opinion that she is anti-Morse, anti-Villlages and anti-development. She does have a non-Villager like minded following.

I wonder how she will treat this stunning victory for The Villages and Mr. Morse. Refer to the "Negative Nellies" for a hint.

Does the developer still own the Villages Daily Sun?
With respect to your question, the fictitious name "Daily Sun" is registered to The Villages Operating Company, which I think you will find is one of the Developer's corporations.
  #21  
Old 03-15-2013, 01:33 PM
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According to the article, if the facts are correct, the IRS appraisal states that the Cdd's underpaid the developer for the assets that were purchased.
The IRS had pretty much hung its hat on the fact that the CDD'S had in fact paid an inflated price to the developer because the developer controlled the CDD's and it was not an arms length transaction. The IRS appraisal Knocks a leg out of that argument.
It will be interesting to see if Lauren Ritchie has anything say about this appraisal.
  #22  
Old 03-15-2013, 01:34 PM
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Quote:
Originally Posted by mikeod View Post
If the information is accurate, it does resolve one of the big questions, i.e., that the price paid was inflated to the benefit of the developer. I thought that would be the harder point to prove for the CDD.

The other main point, the ability of the CDD to issue tax free bonds, seems more likely to be resolved in favor of the CDD since it was formed legally under Florida law and there are precedents with this type of government throughout the state.

Hope it works out that way.
The type of government is not being questioned, it is rather a CDD in TV of the type CDD it is (no police dept, government must be arms length form the developer), is allowed to sell tax free bonds.
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  #23  
Old 03-15-2013, 02:02 PM
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Ah yes, the bond issue. Is everyone saving there dimes and pennies? Or you could just:

Here is a little song I wrote
You might want to sing it note for note
Don't worry be happy
In every life we have some trouble
When you worry you make it double
Don't worry, be happy......

source: Bobby McFerrin - Don't Worry, Be Happy Lyrics
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  #24  
Old 03-15-2013, 02:58 PM
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Moving into TV is not like moving into an ordinary city. Few come here for employment or other everyday reasons. So I am always amazed about the people who make the concious decision to move here for what TV is and then bash the hell out of Gary Morse and his operation. I've mentioned before that I'm not exactly a fan of The Villages "lifestyle", however with that said, I think Gary Morse is an absolute genius and there would be no Villages without him and his grand vision. So I find it astounding how many people buy into the concept and then bash Gary Morse at every available opportunity. Why the hell are you living there if you hate Mr. Morse & his concept so badly???
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  #25  
Old 03-15-2013, 03:04 PM
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I know many of you. Many of you know me. I see many of you around town and at Crispers. BUT some of you never have given up your relentless negativism against the developer or your anonymity.

It makes me danged suspicious of just who you are and what is your motive?
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  #26  
Old 03-15-2013, 03:12 PM
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Pardon my ignorance, but I am a fairly new poster. Who is this Lauren Ritchie person and where is she published. I get the Daily Sun, and only occasionally see articles from other local papers if they are sent to me in via email. I keep up with world and national issues through publications like The Week and Wall Street Journal. I don't have my head in the sand, but also not in the gutter. TV is paradise. Go out of the bubble and appreciate TV when you return. I personally hope the Developer and family always stay involved with TV. Gosh, looked what they created!
  #27  
Old 03-15-2013, 03:21 PM
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Quote:
Originally Posted by simpkinp View Post
Pardon my ignorance, but I am a fairly new poster. Who is this Lauren Ritchie person and where is she published. I get the Daily Sun, and only occasionally see articles from other local papers if they are sent to me in via email. I keep up with world and national issues through publications like The Week and Wall Street Journal. I don't have my head in the sand, but also not in the gutter. TV is paradise. Go out of the bubble and appreciate TV when you return. I personally hope the Developer and family always stay involved with TV. Gosh, looked what they created!
Orlando news, information, weather, hurricane coverage, sports, entertainment, restaurants, real estate, jobs, business, classifieds - OrlandoSentinel.com

Lauren Ritchie Orlando Sentinel columns - OrlandoSentinel.com
  #28  
Old 03-15-2013, 03:30 PM
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Maybe there's a simple explanation which got by me, but here's what I don't get:

The developer, with a very gracious full page ad/editorial in The Sun, settled a lawsuit brought by some very brave POA members a few years ago. The districts north of 466 received about $44 million and the right to form the AAC committees to control the use of amenity fees, etc.

Why in the world would the developer, whose work I have immense respect for btw, not argue that he did not owe this money when he was selling off facilities to those same districts to the tune of maybe a $47.1 million loss?????

He didn't know he was selling facilities at a loss?
His lawyers recently helped him discover those losses?
  #29  
Old 03-15-2013, 03:40 PM
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Quote:
Originally Posted by ijusluvit View Post
Maybe there's a simple explanation which got by me, but here's what I don't get:

The developer, with a very gracious full page ad/editorial in The Sun, settled a lawsuit brought by some very brave POA members a few years ago. The districts north of 466 received about $44 million and the right to form the AAC committees to control the use of amenity fees, etc.

Why in the world would the developer, whose work I have immense respect for btw, not argue that he did not owe this money when he was selling off facilities to those same districts to the tune of maybe a $47.1 million loss?????

He didn't know he was selling facilities at a loss?
His lawyers recently helped him discover those losses?
Villages developer to pay $40 million for recreation upgrades to settle a lawsuit - Orlando Sentinel
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  #30  
Old 03-15-2013, 06:07 PM
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Quote:
Originally Posted by simpkinp View Post
Pardon my ignorance, but I am a fairly new poster. Who is this Lauren Ritchie person and where is she published.
On March 5, 2009, Lauren Ritchie unleashed a stunning, slanted article under the Orlando Sentinel headline banner, "IRS TO VILLAGES DEVELOPER--YOU BILKED RESIDENTS OF MILLIONS OF DOLLARS. PART TWO:THE MYSTERY DEEPENS

Ritchie suggested that the developers and the district "likely" would face sanctions. She said that chances were "high" that the exposure would be for the total $271 million in bonds and not just the $64 million involved in one issue. To further her assault, she opined that each household could have a liability of $18,000.

That pretty much sets the tone for her agenda, but, the words that will always define her cavalier arrogance, sinister motives and credibility for me was her conclusion. It reads, "And it is time for homeowners to worry less about their tee time and marvelous activities and more about their future property values and financial liability."

Don't hold your breath for a mea culpa.

Hope that fills in some background.
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