A Florida development district in the nation’s fastest-growing metropolitan area plans to issue about $257 million of bonds to refund tax-free securities that have drawn scrutiny from the Internal Revenue Service.
The Village Center Community Development District is set to sell its first taxable debt as early as tomorrow. The retirement enclave about 60 miles northwest of Orlando is retiring bonds that the IRS has said shouldn’t have been granted tax-exempt status, which is typically reserved for government entities. The agency has said the developer of the community, called The Villages, designed it to maintain private, not public, control of its governing board.
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