Co-op City Times 07/27/13

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2013 Co-op City Times

Vol. 48 No. 30

Saturday, July 27, 2013

State HCR taking comments from shareholders on proposed 1% carrying charge increase until September 3 BY ROZAAN BOONE

Shareholders have until Tuesday, September 3, 2013, to send written comments to the New York State Homes and Community Renewal (HCR) about the proposed 1% carrying charge increase scheduled to become effective on October 1, 2013, to be followed by no additional increases through March 31, 2015. Riverbay’s Finance Director Peter Merola notified Riverbay’s executive management on Tuesday afternoon that HCR, the state supervisory agency for Mitchell-Lama developments such as Co-op City, had informed him that they are close to finalizing their review of Riverbay’s budget and that so far, pending comments from shareholders, they agree with Riverbay’s application for a 1% increase. “I am very pleased that DHCR has preliminarily agreed with the two year budget that Riverbay submitted to them which includes only a one time 1% carrying charge increase during this next two

year period,” said Merola. “All of the hard work over the past several years to obtain the HUD guaranteed mortgage is already paying off, as demonstrated with such a small increase. And with over $60 million in Reserves being held by Wells Fargo, repairs to the infrastructure of Co-op City will be able to continue.” In Riverbay’s application for the carrying charge increase published on pages 14 of this issue of the Co-op City Times, item # 5 (Need) states, “The increase in carrying charge is needed due to a shortfall in funding for reserve for replacement projects.” “There were certain projects – Power Plant Water Treatment, Power Plant Boilers, Smoke Detectors/GFI outlets, and Lobby Entrances – these are projects that HUD (and Riverbay) wants to see done and that they allotted money for in the Reserves, however, based on current estimated costs, we felt that we needed additional monies to complete these projects,”

Call box leads to quick arrest for robbery assault

BY BILL STUTTIG An emergency call box at the rear of Building 3 was used by a woman late last Saturday night after she was reportedly assaulted and robbed by a male acquaintance in that location. Her call led to the arrest of her assailant just minutes later, Public Safety reported this week Lt. Chris Bulat, the tour commander that evening, said the call came in just minutes before midnight Saturday night. Bulat reported that a woman in

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distress reported that an acquaintance had assaulted her and snatched her purse before fleeing the area. The dispatcher who received that call from the call box was able to get from the victim the direction in which her assailant fled allowing responding units to immediately set up a perimeter around the vicinity, closing off all possible escape routes, according to Lt. Bulat. One of the units in the area saw a

STATE OF NEW YORK DIVISION OF HOUSING AND COMMUNITY RENEWAL In The Matter of the Application of

RIVERBAY CORPORATION NOTICE for an increase in the maximum average monthly room carrying charges pursuant to the provisions of the Private Housing Finance Law as amended. TO ALL COOPERATORS OF CO-OP CITY:

PLEASE TAKE NOTICE that the annexed application has been submitted to the Commissioner of Housing and Community Renewal for an order to increase the maximum average monthly room carrying charge, including utilities, as follows:

Effective October 1, 2013, an increase of one percent (1%) of the monthly carrying charge in effect for the month preceding the effective date of the Commisioner’s Order.

PLEASE TAKE FURTHER NOTICE, that by direction of the Commissioner of Housing and Community Renewal, you may comment in writing on the proposed carrying charge increase. An opportunity to submit written statements is afforded so that cooperators may comment on the allegations and figures contained in the application. The Commissioner may fix carrying charges, appliance and parking charges so as to secure, together with all other income of the company, sufficient income for it to meet, within reasonable limits, all necessary payments to be made by the company. The financial reports of Riverbay Corporation are available for inspection by cooperators at: Riverbay Corporation Administrative Offices 2049 Bartow Avenue Bronx, New York 10475

Comments in writing on the proposed increase may be served by mail to Geroge Chan, New York State Division of Housing and Community Renewal, the Housing Management Bureau, 25 Beaver Street, New York, N. Y. 10004 on or before September 3, 2013.

A Conference has been scheduled for September 12, 2013 at 7:00 p.m. at Riverbay Corporation, Auditorium “A”, 177 Dreiser Loop, Bronx, N.Y. 10475, at which cooperators, their representatives, and representatives of the housing company may meet with DHCR staff to discuss the proposed carrying charge increase and budget for Riverbay Corporation. Yours truly, Jeffrey Buss Smith, Buss & Jacobs, LLP General Counsel

As 150 residents rally, MTA promises a detailed study of Co-op City’s bus service

contract for an additional 12 month period.” Damico added: “The Commissioner has prescribed an increment of 1.9% in the management agent base rate fee for the period commencing July 1, 2013 through June 30, 2014. Accordingly with respect to your specific development, the total maximum compensation would be $168,968.54 per month.” Last year, the state agency recommended an incremental increase of 2.6% in the base rate fee for MSI, following its

In the same week when approximately 150 Co-op City residents rallied boisterously outside MTA headquarters while a handful got to testify directly to the MTA Board, the MTA formerly announced that as part of the 2014 -2017 financial plan, it will immediately undertake a detailed evaluation of Co-op City’s existing bus service to determine where improvements, if any, should be made. As part of a formal announcement made on July 22nd, two days before the MTA official Board meeting and the rally of Co-op City residents, the MTA released as part of its financial plans, the following

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HCR approves contract extension for Co-op City management company BY ROZAAN BOONE The New York State Division of Homes and Community Renewal (HCR), recently informed the Riverbay Board President that the agency has determined that Co-op City’s Managing Agent, Marion Scott Real Estate, Inc., “performed satisfactorily” during the past contract period which ended on June 30, 2013. The written notification was dated July 6, 2013 and signed by Robert Damico, Director of the Housing Management Bureau at HCR. It further stated that the agency “would approve an extension of the

25¢

BY BILL STUTTIG

Approximately 150 Co-op City residents, equipped with signs and slogans, rallied outside MTA headquarters Wednesday, urging the agency to restore adequate bus service to their community. Photo by Bill Stuttig


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