See Page 6 for Riverbay Office Closings next week
Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2009 Co-op City Times
Vol. 45 No. 3
Saturday, January 17, 2009
DHCR agrees to 6% carrying charge increase in February; 5% for 2010 BY BILL STUTTIG Perhaps heeding dozens of shareholders and Riverbay representatives who argued last week that carrying charge increases beyond the projected necessary 6% increase for this year would place an unfair burden on residents here already struggling with an economy in recession, the Division of Housing and Community Renewal (DHCR) agreed to order a 6% carrying charge increase beginning on February 1, 2009 and another 5% increase for February 1st, 2010. The Riverbay Finance Department prepared budget projections in December and presented them to the Board calling for a
necessary 6% increase for 2009 and a 4.5% increase for 2010 in order to meet projected expenses. The Riverbay Board of Directors approved the projections in December and a request for two carrying charge increases was sent to DHCR for approval. The Division came back with its own estimates, claiming that a 7.04% increase would be needed for both years in order for the corporation to meet projected expenses. Shareholders and Riverbay representatives were provided the chance to argue (Continued on page 2)
Open Board meeting to be held on January 28 in Einstein Community Center BY ROZAAN BOONE Riverbay’s Board President Othelia Jones has called for an Open Board meeting to be held on Wednesday, January 28, at 7 p.m. in Room 45 of the Einstein Community Center. “This is a new year and we wanted to start it off by having an Open Board meeting to inform all shareholders about the various projects that are ongoing in our community so that they can hear for themselves and be able to ask questions of Board members, management and department directors,” said Jones. At the beginning of the Open Board meeting, the minutes of the Board’s Business Meeting of January 14 will be voted on, followed by an approval of the agenda. The meeting will then proceed to reports on projects that are ongoing within
the community. Riverbay’s Director of Finance is also expected to give a report. In addition, there will be several first and second readings of resolutions, followed by the gallery session and committee reports. “I’d like to remind everyone that these Board meetings are supposed to be a time for the Board to conduct business and to hear about legitimate complaints and questions from cooperators,” said Jones. “I hope, and have faith, that most cooperators care about our community and are not solely devoted to political grandstanding or launching unwarranted attacks which serve no useful purpose.” Prior to the Open Board meeting beginning at 7 p.m., from 6-7 p.m., the directors of Riverbay’s departments will be available in case shareholders have any questions or concerns they would like to discuss.
Cablevision to return MATV to Riverbay for maintenance; Upgrade work will be completed before February 17 switch over deadline
BY ROZAAN BOONE Riverbay Corporation and Cablevision reached a settlement on Wednesday in the long drawn out negotiations regarding maintenance of the master antenna, and the Riverbay Board has approved the agreement, moving the project closer to completion in time for the February 17th switchover to digital service. Riverbay’s Ombudsman, Joe Boiko, has confirmed that the equipment required
for the upgrade up to the MATV system was ordered as soon as the Board gave its approval for the deal to proceed, and it is anticipated that it will arrive in time for the work to be finished before the February deadline. At this time, Riverbay still advises shareholders on the master antenna not to purchase converter boxes as they will not (Continued on page 4)
25¢
ORDER OF THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL HCNP-81
RIVERBAY CORPORATION, hereinafter referred to as the "applicant", a housing company duly organized and existing under the provisions of Article II of the Private Housing Finance Law, subject to the supervision of the Commissioner of the New York State Division of Housing and Community Renewal, owns and operates a housing development known as Co-op City in the City of New York, County of Bronx, State of New York. The said applicant filed an application dated November 20, 2008 in the office of the Commissioner of Housing and Community Renewal requesting that the present carrying charges be increased, because the present carrying charges, together with all the other income of the said applicant, are insufficient to enable it to meet the payments required to be made by the provisions of the Private Housing Finance Law. Notice and application, together with the Division of Housing and Community Renewal financial projections, were given to the cooperators with a notification that written statements in opposition to the proposed carrying charge increase could be sent to the Commissioner not later than January 5, 2009. The purpose of such statements is to afford an opportunity for the cooperators or their representatives to refute, correct, supplement, or otherwise modify the allegations and figures contained in the application, exhibits, and schedules attached thereto. A conference was held on January 9, 2009 at Riverbay Corporation, Auditorium "A", 177 Dreiser Loop, Bronx, NY 10475, at which the cooperators, their representatives, and representatives of the housing company had the opportunity to meet with DHCR staff. All comments and submissions were reviewed by DHCR staff prior to this determination. NOW, on considering the entire record, it appears that owing to causes beyond the control of the applicant, there have been and will be substantial increases in the cost of operating the development, including, but not limited to, the increased cost of maintenance and operating expenses; and that the present maximum average carrying charges are insufficient to meet such increases in costs and to make other necessary and authorized expenditures. Therefore, I FIND AND DETERMINE that, owing to causes beyond the control of the applicant, the present carrying charges are insufficient to enable it to meet, within reasonable limits, all necessary payments required to be made by the provisions of the Private Housing Finance Law and that such insufficiency cannot be corrected by reasonable economies in the management and operation of said development. I FURTHER FIND AND DETERMINE that the minimum increase in the maximum average monthly rental room carrying charges necessary to enable the said applicant to make the payments required to be made is six point zero percent (6.0%) per rental room per month, including utilities, effective February 1, 2009, and five point zero percent (5.0%) per rental room per month, including utilities, effective February 1, 2010. The increase authorized herein is not in excess of the minimum amount necessary to enable the housing company to make the payments required to be made by the provisions of the Private Housing Finance Law. I, THEREFORE, ORDER AND DIRECT the said applicant to increase the maximum average monthly rental room carrying charges in two stages by an average of six point zero percent (6.0%) per rental room per month, including utilities, effective February 1, 2009, and by an average of five point zero percent (5.0%) per rental room per month, including utilities, effective February 1, 2010. A copy of this order shall be transmitted to each cooperator to be affected at least five (5) days prior to February 1, 2009. Service shall be made in the manner prescribed by the Real Property Actions and Proceedings Law for the service of a notice of petition in. summary proceedings, or by first-class mail, or in accordance with the applicant’s bylaws.
Assistant Commissioner Housing and Community Renewal