Riverbay Election Supplement on pages 23-31
Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times
Vol. 47 No. 17
Saturday, April 28, 2012
Inspectors prepare reports as part of possible HUD refinancing loan BY JIM ROBERTS would not require refinancing in 15 years, More of the leg work required for a pos(Continued on page 4) sible refinancing of Co-op City’s existing mortgage through a federal loan guarantee program that would save cooperators millions of dollars in interest payments continued this week. A team of inspectors from the private engineering firm EMG toured apartments, common areas, storefronts and facilities, including the Power Plant, to prepare their thirdparty reports required for a possible loan guaranteed by the federal Housing and Urban Development (HUD) Department. The new loan, if approved, would be made by Wells Fargo bank and guaranteed by the federal government, and the city and state of New York. The loan would pay off the existing Ray Bailey, a supervisor with the engineering firm mortgage with New York Community EMG, inspects one of the hundreds of apartments in Co-op City that were examined this week as Bank and reduce interest payments by work continues on the possible refinancing of CoPhoto by Bill Stuttig several million dollars each year and op City’s mortgage.
Board unanimously approves future funding of lobby doors BY BILL STUTTIG At the open Board meeting on April 18th, the Riverbay Board of Directors unanimously approved a resolution instructing management to prioritize in the next capital budget the installation
of automatic opening lobby doors should a surplus of funds develop in the next year. According to the resolution, there is (Continued on page 10)
As postal decision deadline looms, residents rally outside Dreiser Post Office threatened with closure BY BILL STUTTIG With the May 15th moratorium on any U.S. Postal Service decision on the closure of local post offices just a little over two weeks away, roughly three dozen Co-op City residents joined State Assemblyman Mike Benedetto and union leaders representing postal workers in once again voicing their opposition to any potential closing of the Dreiser Post Office at an April 23rd rally directly outside the post office. Carrying signs and shouting slogans demanding that they keep the Dreiser Post
Office open, the protestors, most of them seniors, listened to and applauded the handful of speakers supporting their cause. The most prominent among those speakers was Assemblyman Mike Benedetto who said: “The Einstein Post Office was saved a few months ago because of the common sense of the issue, the common sense being that they put two substations here in Co-op City for the reason being that there is a population here that demands service. We (Continued on page 4)
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First Candidates’ Forum Thursday in Dreiser Center Sign up to speak between 7-7:30 p.m. BY ROZAAN BOONE The first of two official Candidates’ Forums for the 2012 Riverbay Board of Directors election will be held on Thursday, May 3, in the Dreiser Auditorium B at 7:30 p.m. and all eleven candidates running in this year’s Board election have been invited to attend. Shareholders who would like to ask questions of the candidates must sign up between 7-7:30 p.m. “Our intent is to begin the meeting promptly at 7:30 p.m. so once that time arrives, no more names will be added to the list,” said Director Eleanor Bailey, Chair of the 2012 Election Committee. “I therefore encourage anyone who would like to speak to come early and place their names on the list.” The second of the two official Candidates’ Forum will be held the following Monday, May 7, also at 7:30 p.m. in Room 45 at the Einstein Community Center. “In addition to the building meetings which the candidates are encouraged to attend, the Election Committee has also
scheduled two official Candidates’ Forums and every shareholder should try to attend at least one,” said Director Bailey. “This is your opportunity to see and hear from the candidates who will be representing you on the Riverbay Board and it is imperative that you make an informed decision when you vote on Wednesday, May 16 in the Riverbay Board election, just as it is important that we are informed when we vote for our local elected officials and the next President of the United States. Let us be informed voters and participate fully in this democratic process.” The 2012 Election rules state that if a candidate cannot attend the forum, he or she can provide the Election Committee with a reason why and, with the permission of the candidate, the Chair of the Election Committee may announce that reason to the attendees of the forum. To publicize the Candidates’ Forums, prominent notices will be placed throughout the community as a reminder to (Continued on page 2)
Notice of Annual Meeting