Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times
Vol. 46 No. 36
Saturday, September 3, 2011
Con Ed pays Co-op City $400,000 for electricity produced by cogeneration BY JIM ROBERTS The checks are now in and the Co-op City community has received a total of $402,634 from Con Edison for electricity that the utility company bought from the Riverbay cogeneration plant from April through July. Riverbay received $65,775 for April electricity sales, $81,280 for May, $127,041 for June and $128,538 for July, according to figures from the Riverbay Finance Department. The period represents the first four months of the 2011/2012 fiscal year, one third of the budget period. That money from selling excess cogeneration electricity produced by the Riverbay Power Plant represents almost pure profit because the costs to create it are covered by the money budgeted to operate the plant while it produces all of Co-op City’s electricity needs. Through cogeneration, Riverbay recovers up to 80% of the steam created when it
drives the turbines that create electricity for Co-op City. Turning that steam into electricity is the critical factor in cogeneration and makes more power available to sell to Con Ed. A conservative estimate of the potential revenue that cogeneration can produce each year was set at $600,000, but these first payments from Con Ed suggest that even larger profits could be possible. Arthur Debowsky, Vice President of Sales and Marketing for Great Eastern Energy, the company that represents Riverbay in marketing its available power to outside utilities, said that $600,000 is a very low end, early estimate and the figure could actually be much higher. Riverbay will likely be able to sell the power during nine months of the year. Debowsky said the only time selling excess electricity is not feasible is when the plant is transitioning between cooling (Continued on page 4)
Public Safety detective and residents run down iPhone robber BY BILL STUTTIG A young man who stole and ran off with an iPhone placed on a table at the Panera Bread restaurant in Bay Plaza got more than he bargained for on Monday afternoon when the victim and
several other witnesses chased him down with the help of Public Safety Detective Debra Smith. The incident began shortly before (Continued on page 5)
More balconies to be reopened in coming weeks BY ROZAAN BOONE The New York City Department of Buildings (DOB) has notified Riverbay Corporation that several more balcony lines in Co-op City buildings affected by the vacate order of May, 2010 are ready to be reopened. In this newest batch of rescind orders, the city has approved the reopening of balconies along the E line in Buildings 1 A&B, 2 A&B, 3A and along the A and B lines in Building 5B after a recent inspec-
tion of the Local Law 11 work that had to be completed was performed by city Buildings inspectors and approved for reopening. The E line balconies are in the front of Buildings 1 A&B, as are the E-line balconies in Buildings 2 A&B, and Building 3A. The A & B line balconies in Building 5B also face the front of the building. In these 7 apartment lines, a total of 158 balconies will
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Tuesday is deadline to comment on proposed carrying charge increase; DHCR conference on Thursday BY ROZAAN BOONE Co-op City shareholders have until this Tuesday, September 6, 2011 to send written comments to the New York State Division of Homes and Community Renewal (DHCR) about the proposed 1% carrying charge increase slated for October 1, 2011. Comments should be mailed to Ricardo Cabodevilla, Housing Management Representative, New York State Homes and Community Renewal, Housing Management Bureau, 25 Beaver Street – 6th Floor, New York, N.Y. 10004. In addition, a conference has been scheduled by DHCR for Thursday, September 8, at 7 p.m. in the Dreiser Auditorium for “cooperators, the housing company and other interested parties to discuss the financial data and proposed carrying charge increase and possible time frames for implementation,” according to the DHCR notice to shareholders which was published in the Co-op City Times on July 30, 2011. The audited Riverbay Corporation Financial Reports was published in the December 4, 2010 issue of the Co-op City Times. These financial reports are also available for shareholders’ inspection at their respective Cooperator Service Office (CSO). In addition to the July 30, 2011 issue of the Co-op City
Times, notice of the increase was also posted on the bulletin boards in each building and townhouse. Riverbay’s Board President Helen Atkins pointed out this week that the HCR conference is being held in the evening, not in the morning as has been the case in previous years, thereby limiting the number of shareholders who are able to attend because of work and other duties. “I hope a majority of shareholders will find the later time more convenient and come out to the conference to voice their opinions, whatever they may be, about the proposed carrying charge increase, to ask pertinent questions and get the answers they need from management and HCR staff,” said Atkins. “It is very important that HCR hears from us as cooperators, whether at the conference or through written correspondence before the Tuesday, September 6, 2011 postmark deadline.” DHCR scheduled the conference with shareholders and solicited their written input which must be postmarked by Tuesday, September 6, 2011 after Riverbay submitted an application for an increase in the maximum average monthly room carrying charges. The application asks for a 1% increase effective October 1, (Continued on page 4)
Co-op City spared the wrath of Irene BY BILL STUTTIG While much of the Tri-State region and the entire northeast suffered devastating effects from Hurricane and then Tropical Storm Irene, Co-op City, fortunately, suffered very little damage, largely due to days of preparation as the powerful storm’s approach became an inevitable reality. “The entire Riverbay family, shareholders, as well as staff, came together
to do everything possible to minimize the terrible risk that the storm represented,” said Riverbay General Manager Vernon Cooper. “Days of meetings with department heads where every possible scenario was discussed and every precautionary action was planned and taken helped to spare the community from any significant lasting damage and (Continued on page 2)
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Have a Happy and Safe Labor Day Weekend. (See pa ge 6 for h olida y closin g & Co-op City Times dea dlin e n otice.)
Hurricane Irene knocked down a tree in Education Park between Truman High School and P.S. 178. Photo by Bill Stuttig