Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times
Vol. 46 No. 6
Saturday, February 5, 2011
New Sales Director gets to work at filling more than 200 vacancies BY BILL STUTTIG Sheena McNeill, Riverbay’s new Sales Director, brings approximately two decades of experience in managing and marketing government supervised housing to her new position as Sales Director for Coop City this week and she immediately began the task of filling the more than 200 current vacancies within the community. “200 vacancies is still relatively low for a huge community like Co-op City, but to me it is still a lot of vacancies Sheena McNeill and we want to get it down as soon as possible,” McNeill told the Co-op City Times during her first week on the job. “We are starting to work on it,” she said as she settled into her new office, “while making absolutely sure we stay within the guidelines of New York State Homes and Community Renewal [formerly the Division of Housing and Community Renewal].” Understanding the requirements and guidelines for the marketing and manag-
ing of government supervised housing is something with which McNeill has a long history. She comes to Co-op City from Manhattan’s East River Landing development where she worked as its Subsidy Director for three years overseeing, among other things, the processing of annual income affidavit while ensuring resident compliance with all Housing and Urban Development (HUD) guidelines. McNeill has experience in nearly all phases of government-supervised housing. Before Photo by Bill Stuttig working at East River Landing, she managed the Earl W. Jimerson Housing Group which encompassed three buildings and 421 units, and before that, served as a Property Manager and Maintenance Director for four developments operated through the New York City Housing Authority. In a memorandum to the Riverbay Board of Directors announcing McNeill’s appointment as Sales Director, Riverbay (Continued on page 5)
Open Board meeting in Dreiser rescheduled for Wednesday because of bad weather BY ROZAAN BOONE The Open Board meeting that was scheduled for this past Wednesday was rescheduled to this coming week due to inclement weather. The meeting, which will begin at 7 p.m., will now be held on Wednesday, February 9, in the Dreiser Auditorium, and shareholders are urged to make every effort to attend. “We have three items to discuss during the business portion of the meeting, including a modification to the community’s bridge loan with New York Community Bank which has allowed us to continue many of our ongoing capital projects, including window replacements and our Local Law 11 work on the terraces, while we explore our refinancing options,” said Helen Atkins, Riverbay’s Board President. “In addition to watching the Board conducting its business, cooperators will also be able to hear from Board Directors and management officials firsthand during the gallery session.” Prior to the beginning of the Open Board meeting at 7 p.m., as is customary, residents will be able to meet individually with Riverbay Department Directors
between 6-7 p.m. to discuss any concerns or to bring to their attention any matters of importance and to have those issues addressed and/or followed-up on. The Open Board meeting will begin promptly at 7 p.m. with the approval of the minutes of the last Board meeting on December 15th, 2010, followed by an approval of the agenda. The Board will then focus on an emergency resolution on the modification of the bridge loan. Moving on, the Board will discuss second readings of resolutions, before directing attention to first readings. Committee reports will be given and then shareholders will be able to address the Board during the gallery session. “We have quite a number of items on the agenda and I’m hopeful that all speakers, including Board members, will keep in mind that we’d like to hear from as many residents as possible and to be respectful of that when it is their turn to speak,” said Atkins. “If you have a legitimate community concern, we’d like to hear from you. This is not an opportunity for anyone to grandstand for personal or political benefit.” (See agenda on page 10)
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Atkins: Current focus is on approving new budget to continue capital projects, not privatization BY JIM ROBERTS Riverbay President Helen Atkins announced this week that there are absolutely no plans to move toward privatization of Co-op City at this time. Privatization is a lengthy and expensive undertaking which is definitely not even close to being a priority at the moment, Atkins noted. Before a vote on privatization could even take place, in which two-thirds of the shareholders living in Co-op City would be required to vote in favor of it, a feasibility study that could cost several hundred thousand dollars would have to be completed. “With the economy the way it is, and our need to complete programs like replacing windows in all apartments, now is certainly not a time to entertain notions about privatization with any sense of reality,” Atkins said. “Our main priority right now is to try and approve a new budget so we can continue making capital improvements,” Atkins continued. “Folks can argue for or against privatization, but it
just isn’t even in the cards as an issue at the moment.” In fact, the Riverbay draft budgets for fiscal years 2012 and 2013, prepared for review and approval by the Board of Directors, keeps a tight control on expenses and provides nearly $18.5 million over the next two years to continue the ongoing capital projects that are rebuilding Co-op City. A primary source for stabilizing the community’s financial picture and enabling the capital projects to keep moving forward is the success of Co-op City’s trigeneration energy plant, which is now saving shareholders millions of dollars in electricity costs every year. “It is both exciting and satisfying when a plan comes together,” said Herbert D. Freedman, principal of Marion Scott Real Estate Inc., the managing agent for the Riverbay Corporation. “Our trigeneration plant is now beginning to produce the savings and (Continued on page 2)
Domestic water shut-down in Buildings 17, 18 & 19 Tuesday On Tuesday, February 8, domestic hot and cold water will be shut down at 9 a.m. in Buildings 17, 18 and 19 for restoration work. It is expected that the repairs will be completed at approximately 7 p.m., at which time, hot and cold water will be restored. Please ensure that all faucets are turned off during the repair period and all drains are cleared of objects. We sincerely apologize for the inconvenience and appreciate your patience. —Cooperator Services Office
Eligible Co-op City shareholders to share $1.1M in STAR Tax credits BY ROZAAN BOONE The New York City Department of Finance has notified the Finance Department that Riverbay Corporation will receive approximately $1.1M in New York State School Tax Relief (STAR) Property Tax Exemptions which will be shared among those who applied for the credit for tax year 2010/2011. In all, out of Co-op City’s 15,372 apartments, 9,055 received the credit which amounts to $1,054,147.48 for Basic or Enhanced STAR. The credit for Basic STAR is $93 per apartment and for Enhanced STAR, $186.04. “These are a one-time credit provid-
ed to Riverbay for tax year 2010/2011 and Riverbay, in turn, passes the credit through to the eligible shareholders,” said Peter Merola, Riverbay’s Director of Finance. “The STAR credits were posted to the eligible shareholders’ accounts and appeared on their February, 2011 carrying charge monthly statements.” Basic STAR is available to any owner of a house, cooperative apartment, condominium or other property that they live in or use as their primary residence. There is no age limit to receive Basic STAR, however, beginning July 1, 2011, (Continued on page 5)