Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2014 Co-op City Times
Vol. 49 No. 3
Enhanced site-wide lighting to be installed throughout Co-op City by summer We are in the middle of winter now, but in a few short months, the warmer weather will begin returning and while that brings many positive changes to our lives, there are also some negative aspects – specifically, loitering in public spaces by large groups and the quality of life problems it creates. To help combat this perennial problem, which has been brought up by shareholders at several public meetings over the past several years, Co-op City has recently purchased and ordered new brighter and more energy efficient LED light bulbs which will replace all the existing sodium bulbs on more than 1000 light poles situated on the public grounds throughout the community and at more than 1600 exterior light sockets BY BILL STUTTIG
Finances continue to improve one year after HUD loan
Saturday, January 18, 2014
situations at building porticos throughout the community. According to a report of the project filed recently by the Riverbay Director of Maintenance, Michael Sanders, the new lights will not only provide more consistent and brighter illumination at night in public areas throughout Co-op City, it will do so in a much more efficient, cost effective manner. The new LED bulbs will have a life span more than 2.5 times that of the currently-inuse sodium bulbs, and use far less energy than the existing bulbs now in use. According to calculations done through the Green Lighting website, which calculate the savings in LED lighting over standard sodium bulbs,
Open Letter to shareholders on bulk sale of Cablevision (Continued on page 2)
At their January 15, 2014 meeting, the Board of Directors decided to do nothing about a Cablevision bulk sale agreement for 6 months. After that time, the Board will consider its alternatives – either do nothing, or have a new, proper vote. We have been advised that there was a lack of clear understanding about fees as presented to the community. Below is a portion of a December 11, 2013 memo that was sent to the Riverbay Board and the State of New York which we hope will clarify the economics of the original proposal: Caveats: The way the program is presently calculated and discussed, but not yet codified into an agreement, it is not a flat $24 per residential unit charge. The number of subscribers changes daily so the numbers herein will vary. A. Cablevision subscribers on a date certain will be billed to the Riverbay Corporation, approximately 13,000 at $20 each - $260,000 B. Riverbay will pay $5 each for every non-subscriber Approximately 2,372 11,860 Total billed $271,860 Sales tax @ 8¼ $ 22,428 Monthly $294,288 The 13,000 subscribers will be billed $24 (minus total Cablevision monthly bill) Available to cover non-subscribers, vacancies and non-payments -
Just a little more than one year after Co-op City completed a low-interest mortgage refinancing with Wells Fargo bank, Riverbay C o r p o r a t i o n ’s financial picture continues on a positive trend upward. According to a letter from Finance Director Peter Merola to Wells Fargo dated Jan. 15, Riverbay’s cash position has continued to improve every month since last November. In addition, Riverbay has been able to fund $14.5 million of improvements in Co-op City from reserve funds and all bills have been paid on time. In his update sent to Alan Weiner,
BY JIM ROBERTS
25¢
Managing Director of Wells Fargo Multifamily Capital, Merola highlights several important financial achievements that are solidifying Riverbay’s finances in addition to the millions of dollars being saved through reduced interest costs realized through the low interest mortgage with Wells Fargo. Total revenue for Riverbay is now projected to rise by $1.4 million year-over-year ending in the first quarter of 2014. Approximately $1 million of that increase will come from the 1% carrying charge increase and another $350,000 is projected because vacancy (Continued on page 2)
Proposed law could punish Co-op City for recycling
Co-op City shareholders once again did more than their fair share in 2013 to help New York City recycle and cut down on the waste stream into the trash disposal system. But legislation before the New York City Council, if passed, could actually punish Co-op City residents for their efforts to improve
BY JIM ROBERTS
the environment. The overall numbers are staggering. In 2013, Co-op City collected and recycled 1,060 tons of paper, 678 tons of co-mingled bottles and cans, and 148 tons of metal. The totals increased over the previous year by 66 tons of paper, 50 tons of (Continued on page 4)
$312,000 $ 294,288
$17,712 —Riverbay Management
Riverbay Holiday closings
Riverbay’s administrative offices will be closed on Monday, January 20th in observance of Dr. Martin Luther King, Jr. Day. Shareholders who have maintenance emergencies may contact their local Maintenance office and follow the prompts for service, and the Co-op City Public Safety Department at (718) 671-3050, and 9-1-1 for all other emergencies. Because of the holiday shortened work week, the deadline for submission of all community club articles and Directors’ viewpoints will be by 9 a.m. on Tuesday, January 21. Material received after this time will not be considered for publication in the Saturday, January 25th issue of the Co-op City Times. Articles may be submitted by fax to (718) 320-2595; emailed to cctimes@riverbaycorp.com, or slipped under the door of Room 21 in the Bartow Community Center, 2049 Bartow Avenue, Bronx, N.Y. We wish our readers an enjoyable holiday weekend.
History Comes to Life … Members of the JASA Drama Bunch of the Dreiser Senior Center honored Dr. Martin Luther King Jr.’s birthday by presenting the portraits of great African-American leaders through history coming to life in a museum to tell their story to children who sneak into the exhibit one night. The imaginative skit featured the stories of great Black leaders from the pre-Civil War slavery days through the civil rights movement of the ‘50s and ‘60s, including Sojourner Truth, Frederick Douglass, Harriet Tubman, Rosa Parks, Dr. Martin Luther King, Jr. and Justice Thurgood Marshall. Following the presentation of the skit, Journey Teller BiBi Elizabeth Kent portrayed Dr. King’s mother, Alberta Williams King, in telling the story of the life of great civil rights leader from childhood. Photo by Bill Stuttig