Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2010 Co-op City Times
Vol. 45 No. 40
Saturday, October 9, 2010
Energy savings from cogeneration continues to increase BY ROZAAN BOONE The benefits of Riverbay’s cogeneration plant continue to increase as energy savings for August reach the highest level yet resulting in more than $1.6M. In its monthly analysis, the Riverbay Finance Department recently reported that the community saved a total of $1,644,439 in electric and gas costs over its budgeted allotments for the month of August. The savings in August increased $797,132, or 94% higher, than in July when energy savings totaled $847,307. Spending on gas for cogeneration in July was $1,148,930 because of increased testing compared to just $657,8551 in August.
In addition to cogeneration producing conservatively about 95% of the development’s energy needs, Riverbay also became eligible for ConEd’s new tariff rates for electric and gas consumption now that the community’s primary source of energy is from the cogeneration plant. These new rates became effective in July for electric consumption and in August for gas consumption. Peter Merola, Riverbay’s Director of Finance, said that when comparing Riverbay’s purchases of electric from this time last year when cogeneration was not yet fully up and functioning, to present (Continued on page 2)
M TA B oa rd ap pr o ve s f a r e i n c r e a s e s The Metropolitan Transportation Authority (MTA) board Thursday approved a series of fare policy changes that are expected to yield a 7.5% increase in fare revenue. This fare revenue increase, which becomes effective on December 30, 2010, with New York City Transit, subway and bus fares, along with one planned for 2013, was agreed upon with the Legislature as part of the MTA rescue package enacted in May 2009. Last winter, the agency learned that despite the rescue legislation, a $900 mil-
lion funding gap existed caused by shortfalls in the new and dedicated State taxes, as well as cuts to State aid. Despite a shortfall of this magnitude, the MTA was able to hold to the 7.5% revenue increase by undertaking the largest and most comprehensive cost-cutting initiative in the MTA’s history. A series of internal cost cutting actions taken this year will save $380 million in 2010 and generate more than $525 million in annual recurring (Continued on page 4)
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Preferential treatment in townhouse waiting list allegation being investigated BY DEREK ALGER Questions continue to surround the alleged jumping of a Riverbay Board Director over others, including other Board Directors, on the townhouse waiting list, it was reported this week. The Daily News first reported on the story this week that the Riverbay Director of Residential Sales may have given a Board member preferential treatment in obtaining a townhouse ahead of others. Rumors and theories are spreading through the corridors of Riverbay Corporation concerning the potential townhouse waiting list scandal. Specifically, many are asking who knew what, and when did they know it. While allegations have surfaced that one Director possibly jumped others on the townhouse waiting list, it has not been determined with any degree of certainty whether that Director even knew such an
action may have been taken. Also not known is how the charges first surfaced and specific information concerning those on the townhouse waiting list, which is confidential while the matter is under investigation. Riverbay’s General Counsel, Jeffrey Buss, who has been authorized to investigate the matter, told the Daily News that Board Directors “should not receive any special treatment” and vowed to issue a public report within 30 days. Although names are being floated about concerning those possibly involved, it has been determined that in fairness, and to ensure the integrity of any subsequent investigation, those either directly identified with the potential scandal, or others who have not yet been specifically implicated, should be kept in confidence. (Continued on page 2)
D o ze n s o f ca r s pa r k ed o n Bay ch e ste r A ve n u e da ma ge d b y va nda lis m la st we ekend BY BILL STUTTIG Dozens of vehicles parked along Baychester Avenue from Bartow Avenue extending as far north as Education Park were severely damaged by vandals last weekend. One estimate provided by a shareholder who found her vehicle severely damaged Saturday morning said that as many as 35 cars were vandalized in a rampage
that apparently took place in the early morning hours of October 2nd. The extensive damage to the vehicles included kicked-in windshields and broken off side-view mirrors The Co-op City resident wrote to the Co-op City Times about the damage to her and numerous other cars and e-mailed (Continued on page 5)
Riverbay Columbus Day closings and Co-op City Times deadline notice The Co-op City Times and SOME Riverbay administrative offices will be in operation during normal business hours (9 a.m. to 5 p.m.) on Columbus Day, Monday, October 11, but with limited staff and services available, while other departments may be closed. If you have a need to contact Riverbay on Monday, kindly call ahead to make sure that the respective office or department/personnel is available. All regular Co-op City Times deadlines will remain in effect. Club articles, letters to the editor and advertisement copy are due by 3 p.m. on Monday, October 11. The deadline for Directors’ viewpoints remains Monday, October 11, at 5 p.m. Have a safe and enjoyable Columbus Day weekend!
More than 30 vehicles parked on Baychester Avenue last weekend were severely vandalized. Damage includes kicked-in windshields (above) and broken side view mirrors. The 45th Precinct and Public Safety are jointly seeking information as to the identity of the vandals.