Talk of The Villages Florida - Unearned Bond interest

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Quote:

Originally Posted by BobKat1 (Post 278180)

I hope this isn't too far off topic, but do any other retirement communities, in Florida specifically, have similar bond issues?

Or is TV developed and managed differently than most? Thanks.

I can not remember where I read it but I recall something like 650 other CDD's in FL could be affected by this IRS issue, so the outcome of this is not just a TV issue.

Quote:

Originally Posted by iaudit (Post 278222)

It has to impact the residents in some way UNLESS the Morse family stands up to the plate and makes things right since it was their representatives pushing the envelope on the CDD concepts.

That will happen the same day pigs fly and hell freezes over.The villager's sued them once to pay up, what's going to happen this time????? There is alot of intelligent and informative dialogue in this thread, i'm impressed with the knowledge of the posters.Now, if we could only get some of you to represent TV on the council.You all have a great weekend , and remember......If you do something tonight,that you'll be sorry for in the morning.... just sleep late.:)

Here is a link to The Property Owners Association's monthly newsletters. If I remember correctly this is the group who sued the Developer for improperly installed vinyl siding. It was not nailed in correctly on a group of homes south of 466 about three years ago. That is the lawsuit you are talking about, I think.

Kentucky Blue, I think you will enjoy reading these newsletters.

http://www.ccfj.net/POABull.html

In the words of Bobby McFerrin

Don't worry...be happy

In your life expect some trouble
But when you worry
You make it double
Don't worry, be happy......

Have a wonderful day in The Villages

Quote:

Originally Posted by graciegirl (Post 278323)

Graciegirl,

I just finished reading the July issue of the POA and it was very informative. On page 8 there is a letter from a Civil War soldier to his wife Sarah. Extraordinary.

On page 13 there was a funny article about a "Hole Eats Groundkeeper" in which a ten foot sink hole swallowed a guy at 6:30 in the morning and the writer was laughing at how the "old people" who rushed out there, looked like at that hour. He wished he had his camera.
There is also a list of the 20 Sex Offenders and their addresses who live in the Villages!
I found it interesting that the writer scolded the daily Villages newspaper for not printing any bad news that happens at the Villages. Apparently the Sun did not report the Golf Sink Hole.
I'll have to Bookmark this site.

Quote:

Originally Posted by spk7951 (Post 278237)

I can not remember where I read it but I recall something like 650 other CDD's in FL could be affected by this IRS issue, so the outcome of this is not just a TV issue.

Well the Orlando Sentinel implied this in a couple of news articles last year but there’s very little truth to it. The IRS is going after the two special CDDs in TV simply because they don’t contain any residential homes, are made up entirely of commercial property that is strictly controlled by the developer, and will never be turned over and governed by the homeowners in TV. Because of that, the IRS contends that those CDDs are not qualified to issue tax free bonds.

The 10 numbered CDDs in TV as well as (I suspect) the majority of the other CDDs in Florida follow the guidelines that the IRS has set up for tax free bond status and are probably not in jeopardy.

Quote:

Originally Posted by EdVinMass (Post 278341)

Well the Orlando Sentinel implied this in a couple of news articles last year but there�s very little truth to it. The IRS is going after the two special CDDs in TV simply because they don�t contain any residential homes, are made up entirely of commercial property that is strictly controlled by the developer, and will never be turned over and governed by the homeowners in TV. Because of that, the IRS contends that those CDDs are not qualified to issue tax free bonds.

The 10 numbered CDDs in TV as well as (I suspect) the majority of the other CDDs in Florida follow the guidelines that the IRS has set up for tax free bond status and are probably not in jeopardy.

The following is a quote from the February 2010 Property Owners Association of The Villages newsletter:
"The tax exempt status of certain VCCDD and SLCDD bonds is currently under review by the IRS and all 600 plus residential CDDs located throughout Florida are watching closely to see the IRS decision in that investigation."