Co-op City Times 10/20/12

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times

Vol. 47 No. 42

Saturday, October 20, 2012

Public’s input sought on MTA fare increase proposals BY BILL STUTTIG Earlier this week, the MTA released four separate proposals to increase bus, subway, express bus and railroad fares, as well as MTA bridge tolls and is asking its riders to decide which of the four proposals they think is best. But the problem is each of the four proposals offers a significant increase in fares at a time when the average working family is struggling more than ever to make ends meet. Hearings will be held next month, with a November 13th hearing scheduled for Bronx residents at Hostos Community College, and the MTA said this week that they will take the public’s input into serious consideration before deciding on which of the four proposals to implement. “The public will have significant input into our decision-making process. In the spirit of transparency, the public will assist in shaping our fare policy,” said MTA Chairman and Chief Joseph J. Lhota in a prepared statement released earlier this week. “These proposals have been designed to balance our need for revenue with public involvement. We need to hear from the public. Feedback evaluating the specific alternatives we’ve put forward is particularly useful, but we

value all our customers’ input, and we’ll consider changes to our proposals based on what we hear and read.” In explaining the need for the fare increases scheduled to go into effect some time in March of 2013, according to the MTA’s press office, Lhota said: “Costs that the MTA does not exercise control over, namely those for debt service, pensions, energy, paratransit, and employee and retiree health care, continue to increase beyond the rate of inflation. We are grappling with long-term measures to reduce these frustrating and difficult nondiscretionary expenses, but today, they are the drivers of the need for a fare and toll increase.” The fare hike proposals presented by the MTA this week fall under two basic categories, the first one calling for a 25 cent increase in the base fare from $2.25 to $2.50 while keeping much of the discount through the various unlimited pass MetroCards in place. The second set of proposals calls for the base fares to remain the same, but to have many of the currently offered MetroCard discounts significantly reduced or eliminated. It is, in essence, a virtual “pick-your poison” (Continued on page 2)

Historical Committee to meet soon

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HUD provides commitment letter, deadline extended until Nov. 30 BY JIM ROBERTS A refinancing deal to stabilize Co-op City’s finances for decades to come and preserve affordable housing for present and future shareholders is now in sight with the real likelihood that an agreement to eliminate $10 million in additional annual mortgage costs will be completed by next month. “I am presently optimistic that we are going to complete this refinancing,” said Herbert Freedman, principal of Marion Scott, Inc., the managing agent for Riverbay. “There are still people who are doubtful, but I am one who believes that it is now going to get done.” The path toward a successful mortgage refinancing to save shareholders millions of dollars in interest costs over the next 35 years took two major steps forward this week when the federal Housing and Urban Development (HUD) agency delivered a commitment letter to guarantee the $621 million loan from Wells Fargo bank and the deadline for closing the deal was extended by one month until Nov. 30 at no extra cost to Riverbay. Freedman this week expressed his gratitude to Senator Charles Schumer for

his assistance and concerns addressed to HUD in Washington which helped to move the process along. He noted that Assemblyman Mike Benedetto has also been interested and has tried to help including, but not limited to, urging the involvement of Co-op City’s senators and congressman. Senator Schumer wrote to HUD Secretary Shaun Donovan this week, urging the agency to approve the mortgage guarantee. “For decades, Coop City has been a middle-class haven and this application to HUD for refinancing is critical to make sure we maintain its affordability and quality of life for generations to come,” said Schumer in a statement. “This crucial refinancing plan would secure Co-op City’s financial future and it remains a bastion of middle class affordability for families, young couples and seniors for many more years to come. That is why I am strongly urging HUD to approve Co-op City’s application for FHA mortgage insurance through the Section 223(f) program. In doing so, HUD will essentially guarantee Co-op City’s new low-interest mortgage,” Schumer said. (Continued on page 4)

Seven new officers graduated yesterday and will begin patrolling Monday BY BILL STUTTIG

Director Raymond Tirado (left), who proposed a resolution to form the Board’s Ad Hoc Historical Committee to create an exhibit showcasing Co-op City’s rich history, and First Vice President Khalil Adbul-Wahhab. Photo by Bill Stuttig

BY DEREK ALGER Director Raymond Tirado has announced the first meeting of the Ad Hoc Co-op City Historical Committee, of which he is chairperson, to discuss how best to proceed to create an exhibit to commemorate the history of the community. The goal of the Historical Committee is to select items highlighting Co-op

City’s colorful history to eventually be displayed as an exhibit in “trophy” shelves in the Bartow Community Center, 2049 Bartow Avenue, Bronx, N.Y. President Helen Atkins named Tirado earlier this year to head the Committee, which is comprised of the full Board. The (Continued on page 4)

The seven new officers for the Department of Public Safety completed their training this week and graduated yesterday. They will begin patrolling the community this Monday. Graduation ceremonies were held in Dreiser Auditorium attended by family and friends of the new officers, Riverbay Board Directors, General Manager Vernon Cooper, Deputy General Manager Gail Badger Morgan, and Chief Frank Apollo and Captain James McGeown, Commander of the 45th

Seven new officers…The new Public Safety officers graduated onto the force yesterday are: Efrain Cordero; Jason Daley, Michael Donovan; Samuel McGill; Patricia Phillip; Frank Riley, and Malik Warren. Joining them after the ceremonies are Chief Frank Apollo and Board President Helen Atkins, and Directors Daryl Johnson and Khalil Abdul-Wahhab. Photo by Bill Stuttig

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