|
Quote:
|
Quote:
|
Quote:
|
Quote:
|
Quote:
I’m all for “being informed” but I’ve read every article that I’ve found in newspapers and in POA bulletins and I think I’ve read just about every post on TOTV about the investigation. And I still don’t have much more than a very basic understanding about it. I learned about it before I ever moved here, and it concerned me a bit. Thankfully, it didn’t concern me enough to not buy here. Otherwise I would have missed out on the past two years and hopefully many future years of unbelievable happiness in TV. |
Quote:
|
Quote:
BTW Edv has posted some very good posts on this topic.............they would be worth your reading. |
I stand behind and beside Gracie, and re-iterate that the developer has captured a piece of heaven. Neither of us works for or is associated with the developer. That being said, IMHO, the ones likely to suffer any consequences from an adverse opinion from the IRS, would be the ones who directly benefited from the tax-exempt status. I do believe, however, that the issue will never be resolved.
|
Quote:
The only thing that separates Stonecrest from TV is a 3 foot high chain link fence. If the gloom and doom that some people fear would result from the IRS issue were to actually happen, it could affect me. I enjoy all the wonderful public restaurants, retail stores , and medical facilities that this area provides. Anything that could have a negative effect on this would affect me. And FWIW I'm no expert on the subject but I have followed it closely and tried to help members understand the issues. |
Quote:
|
Quote:
|
And for the last two years or so I have painstakingly explained to everyone why that will not happen. Yet a few of you (emphasis on the word few) insist on dismissing me without even taking the time to discuss the facts simply because I’m not a TV resident. But you’ll accept the fear mongering of an Orlando columnist who lives 50 miles from here. Go figure.
If you disagree with my stated opinions and postings on the IRS issue, why not address them specifically instead of shooting from the hip and dissing me just because I live next door. But I do wish to thank those of you that have expressed appreciation for my posts on this subject even though you may not always agree or may continue to have some doubts. |
Please address the topic of the IRS bond issue and stop going after each other or the thread will be closed.
|
Quote:
First, we are to ignore the comments of an investigative reporter, whom you believe has never had contact with the IRS but hang onto your every word. Secondly, it should be clear by now that while there maybe a few of skeptics who address this thread there are more out there who just review and stay silent but wonder. Given one and two then, it would behoove you to explain (and I am not being argumentative but seek information) why you are "the"authority here. Also dispite the fact that this is one of the most talked about topics in The Villages why people are still concerned but left with no definiitive answers. Because if there wasn't anything to concern us this topic would never appear here on TOTV or the POA Newsletter. It does because it is material to many residents Your suggestion to me was then hire an attorney"" is instructive in that it makes clear we are all on our own here. So what happen to those taxes, fees etc residents have been paying to the Villages government? The benfits of so called defensive optimisim is reality. I do not claim to be right but I claim the need for right things to advanced in support of residents I suspect you are a very decent human being and I appreciate your input as it is akin to the type of open discussion usd in my business meetings but the nature of this dispute can't be reconciled with a "trust me"attitude some of us need more substanative fact. Personal Best Regards: |
I have read everything I can on Villages government, the IRS bond issue and attended the 6 week Resident Academy class. I am no expert but do try to stay informed.
There is a lot of confusion and misinformation in this thread and on this site about Villages governance. The issues are complex and the terms are often misused... Numbered CDDs vs central CDDs, infrastructure bonds vs recreation bonds, what are amenities and what are not. The IRS bond issue is very complex and no one has a definitive answer on how it will play out. One positive outcome I hope to see is a more open and fair process in putting a value on the amenities and amenity contracts that are sold by the Developer to the central district. FWIW, I find Ed V's posts to be very accurate and logical and thank him for his efforts to clarify and inform. |
FWIW, I find Ed V's posts to be very accurate and logical and thank him for his efforts to clarify and inform.[/QUOTE]
:agree: |
Quote:
Fine post. |
Quote:
|
Quote:
|
Quote:
O7, thank you for your input on this subject and I remember from your previous posts that you have put much time and effort into understanding the IRS issue. I agree with you that EdV has also provided some very judicious thoughts regarding the IRS investigation. At this point, we will continue to enjoy our lives here with an eye on the IRS as it continues to investigate the The Villages bond issue. It's my understanding this isn't the only community in Florida which could be impacted by the final determination. |
New twist
It is being reported today in the Leesburg Daily Commercial that Gary Morse has hired a Washington lobbyist. A quote from the story: "Morse will pay Cardenas to represent him on tax issues, according to lobbying registration forms sent to both the House and the Senate with an effective date of Nov. 27. Specifically, The Villages said its lobbying issues will be "Community Development Districts and IRS interpretations".
Daily Commercial - <p>Morse hires lobbyist</p> |
This issue can be drawn out for many years no matter which side prevails this time. If The Villages (Morse) prevails, the IRS could appeal. If the IRS prevails, Morse will appeal.
It is a battle of lawyers. Remember that Gary Morse (The Villages) can afford the best tax attorneys. The government has government attorneys who most likely would be working private practice if they were excellent lawyers. Remember how the government attorneys were in high profile cases like the OJ Simpson trial and the Casey Anthony trial. Even though it sure looked like slam dunks for the government (prosecution) side, the defense (high priced private practice) attorneys won acquittals for their clients. Also, remember how the Morse family got into trouble about elk hunting on their own land in Wyoming and so many posters on this forum were sure they were going to do prison time. Hey, attorneys to the rescue and the Morse family prevailed (and in my opinion, justice was served). |
The IRS doesn't appeal. The IRS issues its final decision based on the information provided by its agents and the taxpayer (in this case the special CDDs). If it's a tax deficiency, the taxpayer may dispute the deficiency in the Tax Court before paying any disputed amount.
There should be little doubt that this is where this case will end up. So fasten your seat belts, it's going to be a bumpy ride. |
T
Quote:
|
Quote:
The Developer has made a wonderful place for us. Do not begrudge him the profits. It sounds on one hand that some posters here are of the mindset that the Developer should have done all the developing and making such a great place and not taken a profit. Very strange. |
Quote:
So that’s the way it was when you signed the contract, and nothing has changed.. |
Quote:
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. |
Quote:
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? |
Quote:
|
Quote:
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. |
Quote:
|
Quote:
|
Quote:
|
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. |
Quote:
|
Quote:
|
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.
|
Quote:
|
Quote:
I hope you are right about the fees referred to in the latest news. We will see. |
Quote:
|
| All times are GMT -5. The time now is 06:09 PM. |
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2025, vBulletin Solutions Inc.
Search Engine Optimisation provided by
DragonByte SEO v2.0.32 (Pro) -
vBulletin Mods & Addons Copyright © 2025 DragonByte Technologies Ltd.