The Internal Revenue Service’s own appraisal valuations show the Village Center Community Development District in Florida did not overpay when purchasing four pieces of property with bond proceeds, according to the CDD’s lawyer.

“The Center District believes that those valuations ... support the view that the center district has not been ‘controlled’ by the developer in any manner that would impact its treatment as a political subdivision or its responsibilities as a political entity of the state of Florida,” wrote Sacramento lawyer Perry Israel in a March 8 letter to IRS chief counsel James Polfer.

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