Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times
Vol. 47 No. 39
Saturday, September 29, 2012
Co-op City turns out in support of Metro North station
25¢
Awaiting HUD’s formal commitment letter I write this week President’s Message Once we get a because I wanted to formal commitupdate you, the ment from HUD, cooperators, on the we can study and President possibility of a proconsider the actual posed $621 million mortgage financing terms of the final proposed loan and see loan guaranteed by the federal Housing exactly what HUD’s demands are, and and Urban Development agency (HUD). whether they are acceptable. According At the moment, a back and forth process to Management, at the moment, we do is ongoing to determine what the final not know what, if any, the outstanding terms of the agreement will be and issues might be, but Management anticwhether all the requirements are acceptipates an actual formal commitment able. As you all well know, high level next week, based on what Wells Fargo negotiations do not take place in an open has predicted. forum, just like representatives of After that, it’s up to Legal, Management and labor unions don’t Management, and the Board to study hammer out the details of a proposed and decide what to do, whether it’s truly contract in public, so we have to wait for in the best interests of Co-op City to the next development. accept the deal. Meanwhile, the clock Right now, we do know that the will be ticking and there won’t be much deadline has been extended until Oct. time to close before the fast approach31st, and the discussions going on ing deadline. with Riverbay, and Wells Fargo Bank, Management has reported that HUD which will underwrite the loan, and is satisfied with and accepts our plans HUD, are very complex and compliand procedures which satisfy all envicated due to the size of the loan. Also, ronmental concerns. Quite simply, this is the first time HUD has offered there are no outstanding issues with to insure a loan under its 223F proHUD, according to Management. Tests gram to a cooperative. Previously, the performed at the sites of the Dreiser and HUD program only applied to loans on (Continued on page 2) rentals.
Helen Atkins
Artist’s rendering of the proposed Co-op City Metro North Station which would be built in Section 5.
BY BILL STUTTIG More than 1,000 shareholders who crammed into the Dreiser auditorium Monday evening sent a very clear message to MTA and elected officials contemplating support for the Metro North station to serve Co-op City. That message was that this community very much wants the commuter rail line to finally begin serving them.
“Co-op City is in the house,” proclaimed Bronx Borough President Ruben Diaz, Jr., an avid supporter of adding four Metro North stations to serve the communities of the east Bronx. Diaz, in making his presentations to the Co-op City community on Monday, said demonstration of support for this idea is essential and the (Continued on page 4)
Co-op City adds old appliances and cardboard to its list of marketable recyclables BY BILL STUTTIG Revenue produced through the community’s recycling efforts in 2012 so far has remained steady, averaging more than $6,000 a month earned from the sale of the approximately 2 million tons of recyclable refuse collected from the buildings and sold to waste management firms for processing and use as materials for goods production in this and other nations. Kevin Keenan, Riverbay’s Director of Operations and Safety, who has overseen the community’s recycling efforts since 2006, said this week that recently the collection of recyclable goods for sale has been expanded to include old discarded appliances, such as refrigerators and stoves, as well as cardboard, which the community’s commercial tenants discard in large supplies on a daily basis. Keenan explained that Royal Waste Services, the firm which Riverbay has partnered with over the last five years, just this past week had a new three year contract unanimously approved by the Riverbay Board of Directors and as part
of that new agreement is working with Riverbay to sell the old appliances to interested waste management firms at a price that would net Riverbay about $30 for each appliance. Keenan reported that in July alone, this new arrangement produced an additional $2,000 in revenue for the community just from the sale of appliances that until recently were treated as trash and had no value. In addition, under the new contract with Royal Waste Management, Royal has provided new equipment which will allow Riverbay to collect discarded cardboard from commercial tenants and bundle that cardboard in packages for collection and for Royal to sell on the market. Through the new arrangement with Royal, new compactors have been set up at each of the three shopping centers to which commercial tenants bring their recyclables. In addition, balers have been provided to wrap up the hundreds of pounds of cardboard discarded by commercial tenants (Continued on page 2)
See page 7 for Opportunities at Co-op City
NOT I C E TO SH AR E H O L DE R S: 3% carrying charge increase to be implemented October 1, 2013. The second of two carrying charge increases in the amount of 3% ordered in September, 2011 by the state supervisory agency for Co-op City, the Division of Homes and Community Renewal (HCR), will be implemented on Monday, October 1, 2012. The first 3% carrying charge increase went into effect on October 1, 2011.
Protective sidewalk bridging off of Buildings 2 & 3
Sidewalk sheds and fencing at Buildings 2 & 3 have been removed following completion of the mandated Local Law 11 work. With the reopening of the completed balconies and removal of the sidewalk sheds and fencings, the only remaining buildings where façade work is being finished up and protective bridging remains are Buildings 6, 7, 8 and 33. It is expected that Building 8 will be cleared of all sheds and fencing by late September; Buildings 6 & 7 by late October and Building 33 by mid-December, weather permitting. Photographed above are a frontal view of Building 2 and (inset) rear of Building 3.