Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2010 Co-op City Times
Vol. 45 No. 12
Saturday, March 20, 2010
Riverbay receives additional J-51 real estate tax credits for improvements BY ROZAAN BOONE elevators, new Ric Wil underground pipRiverbay Corporation recently received from the City of New York more than $2.237M in J-51 tax abatement benefits. Barry Zweigbaum of Goldberg Weprin Finkel Goldstein LLP, the law firm that was hired to file for the credits, said this week that thirteen applications have been filed with the City’s Department of Housing Preservation & Development. Eight applications have already been approved which will provide Co-op City’s shareholders with an additional $12,293,000 in real estate tax benefits before they expire. There are five applications remaining that, once approved, should provide substantial additional benefits. Once entered into the city’s Department of Finance’s records for the property, Riverbay will enjoy more than $2,110,000 in annual real estate tax benefits, with more to come. “Co-op City’s shareholders benefit from this tax abatement in that we receive a reduction in the real estate taxes which allows them to enjoy lower carrying charges, along with new windows, new
ing and other improvements,” said Peter Merola, Riverbay’s Director of Finance. The J-51 program, which was enacted in 1955 to encourage the owners of residential buildings to upgrade cold water flats by installing heat and hot water system, has since been expanded to include real estate tax benefits for most capital improvements, certain repairs and conversions of buildings for residential use. Essentially, the program provides two types of benefits—a tax exemption and a tax abatement. “Riverbay Corporation receives a tax abatement which reduces existing taxes by a percentage of the cost of the work that is performed,” said Merola. “So for the most part, the work has to be performed first and then we file with HPD for the credit which is actually in the form of a certificate that is then filed with the New York City Department of Finance which handles billing.” To pick up the certificate, which is referred to as the Certified Reasonable Cost (CRC), the city charges a small percentage of the total abatement granted.
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W e ek e n d st o r m c a u se s so m e damage but majority of community escapes major problems BY BILL STUTTIG The most powerful coastal storm to hit the northeast in nearly two decades caused a variety of temporary problems throughout the community last weekend, but in all Co-op City got off relatively easy when compared to the damage done to other communities in our immediate area. With sustained winds blowing out of the east at tropical storm force for more than eight hours last Saturday afternoon and evening, and many gusts even approaching hurricane force, communities immediately to the ripped from the Little Yellow Schoolhouse on north of Co-op City including Siding Baychester Avenue by the 70 mph wind gusts was Yonkers, New Rochelle, Pelham, just one example of damage in the community Photo by Bill Stuttig Mount Vernon, Scarsdale, and caused by the storm. tragically causing the death of pedestrians Eastchester faced days of lingering hardand drivers. ships due to the aftermath of the storms, such as the loss of power to hundreds of But in Co-op City, fortunately, no thousands of customers, many highways injuries were reported. According to Chief and roads closed for hours and, in some Frank Apollo, Commanding Officer of the cases, days, due to flooding and fallen Department of Public Safety, officers trees causing some severe damage to homes and in a few isolated cases, even (Continued on page 12)
Full Census participation is vital for public and private community services BY BILL STUTTIG How any community responds to the census is directly related to not only its allocation of government services affecting transportation, education, health care, and more, but it also directly relates to the amount of private commercial and financial services that choose to serve that community over the next decade. So says Linda Berk, the U.S. Census Partnership Specialist assigned to the northeast region of the Bronx, charged with getting full participation from the region. Co-op City is a huge part of Berk’s region so that is why she chose the Bartow Avenue end of Bay Plaza, outside the Kids World store as the site for a 2010 Census Road Tour Stop where residents from Coop City and surrounding communities are invited to stop by today any time between noon and 6 p.m. and get information on the 2010 Census, receive free gifts, sample art work and other free entertainment and talk with U.S. Census Bureau representatives about this Census and its essential role in establishing future services for the Co-op City community. During an interview with the Co-op
City Times this week, Berk said, “A full accounting of this or any community leads to the fair share of allocations when it comes to government services, such as government funded health clinics, schools, after-school programs, child care centers, public transportation, road improvements and much, much more. But participation in the Census also affects the amount of privately–owned services and industry that chooses to serve an area, essential services such as supermarkets, banks, restaurants, and local stores. After the entire process is complete, the Census count for each community is posted online and is readily available through other sources as well. Industry will research and check the number before deciding to place their business or service in that community. An undercount could affect the amount of local services that could be available to a community and also the number of local jobs that are created by these businesses and services in the community. It is vitally important for a community like Co-op City to be fully counted.” (Continued on page 4)
A sign of good things to come…Riverbay Board Directors and management personnel joined with Section 5 community leaders last Wednesday to officially celebrate the new “Welcome to Co-op City” sign placed at the corner of Hutchinson River Parkway East and Boller Avenue where traffic enters Co-op City after exiting from I-95 at the Palmer Avenue exit. Riverbay Ombudsman Joe Boiko, who is coordinating a campaign to improve signage throughout Co-op City, said, “This intersection is a main entrance point into the community. We want to welcome people to our community in a bright and cheery manner.” Boiko added that most of the work in redesigning the entrance points to the community was done in-house with minimal cost to the community. Section 5 President Monica Moss, said, “We appreciate the work of Mr. Boiko and his whole team. It has added a bright spot to Section 5. Taking part in the brief ceremonies were: (seated, l. to r.) Eleanor Bailey, Francine Reva Jones, Patty Cipollaro, Ezekial Ragin, Monica Moss, Joe Boiko; (standing l. to r.) Vernon Cooper, Helen Atkins, Bill Gordon, Donovan Plummer, Michelle Sajous and Nelson Sweeting. Photo by Bill Stuttig