Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#106
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So that’s the way it was when you signed the contract, and nothing has changed..
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Formerly EdVinMass |
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#107
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First, sorry, you are mistaken. It is not the Morse-owned corporation (The Villages of Lake-Sumter Inc., commonly referred to as "the Developer") that is paying the fees; it is the Center District. That is a matter of public record, and I am not sure where you got any information to the contrary. Second, I do not begrudge the Developer legitimate profits, even huge legitimate profits, and I have never written anything that could be reasonably be interpreted to indicate that I do. In fact, I have tried to avoid expressing any personal opinions about the merits of the IRS allegations being made against the Developer. Third, and again I repeat, IF the IRS's allegations are correct, the Developer's profits were illegitimate and were made by scamming the taxpayers of this country through the improper issuance of tax exempt bonds. That characterization of the IRS position is a fact, not my opinion. |
#108
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1) Amenity fee receipts and expenditures are now public information in Districts 1-4. Is that the case in the newer districts? 2) Is the Developer in fact using amenity fee funds to pay for the legal fees in the IRS case? 3) If so, are these amenity fees presently coming from all districts, including Districts 1-4, or just the two districts whose bonding procedures are being challenged? 4) Yes our contract says the amenities will be maintained "properly" regardless of cost. But "properly" may be a term subject to broad interpretation. If the Developer decided his legal expenses were too high, could he decide to reduce amenity services to some degree and still be able to argue that he was meeting the contract terms? |
#109
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#110
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The real question, in simple terms, is: What happens, if as a result of the cost of the IRS's actions and the resulting lawsuits by bondholders (who received a warranty from the Center Districts that the bonds were tax exempt), the Center Districts become financially unable to continue to furnish the amenities? Yes, I know (and everybody else who has paid the least attention to this matter also knows), we have another class-action lawsuit against the Developer and the Center Districts. But, in the real world, how will that class-action lawsuit be resolved (especially if, by that time, the Developer, which is a corporation, has been drained of its assets), and what happens to the amenities during the years that it may take to resolve the lawsuit? If you have the definitive answer, or even nondefinitive answer, I would like to hear it, because I do not. |
#111
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#112
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#113
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AAAH! Is there an echo on Talk of The Villages? I thought my post was directed to EdV? I just joshing you
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#114
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I think,perhaps, Buggy and Advo are talking two different things.
Gary Morse, the Developer, is paying for the lawyers/lobbyists referred to in the latest news. The VCDDD is paying for the lawyers to defend against the IRS bond issue. These lawyers are funded by the revenues collected by the central district,the bulk of which are amenity fees. If I've misinterpreted, my apologies.
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Maryland (DC Suburbs) - first 51 years The Villages - next 51 years |
#115
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#116
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The least of my worries. IF it were to happen, the situation could probably be resolved on a reasonable basis.
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#117
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Well, it is happening. Frankly, I don't think we can gripe unless and until our amenities are reduced. However, the use of the fees for the purpose of defending the Developer's transactions increases the risk that corners will be cut in regard to our amenities. But, as far as I know, that has not occurred at this time.
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#118
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#119
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I hope you are right about the fees referred to in the latest news. We will see. |
#120
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No, as your contract with them is written, your amenity fees give you the right to use the amenities but not to control how the fees are used. It’s really that simple.
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Formerly EdVinMass |
Closed Thread |
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