Villages Community Development District Manager Janet Tutt is speaking out on the IRS dispute with The Villages.
The Internal Revenue Service has ruled that bonds sold by the community development district that issued $426 million of debt aren’t tax-exempt. Securities issued by Village Center Community Development District, created by developer Gary Morse, don’t provide tax-free income because the entity isn’t a political arm of the state, according to an IRS memo dated May 30.
“The IRS review is now in its sixth year and I am advising this long process may continue for some time as the district weighs its options and moves forward with the next step,” she said in a statement. “The District is still hopeful for a favorable conclusion.”
“I am committed to keeping our residents fully informed as this process moves forward. It’s been a long arduous road for all of us with a lot of twists and turns. My challenge is to share the facts and not get caught up in all of the misinformation, rumors, innuendos and hypothetical scenarios that fly around.”
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