Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times
Vol. 47 No. 45
Saturday, November 10, 2012
Obama wins reelection; Engel and King are Co-op City’s new elected representatives BY BILL STUTTIG Co-op City removed from his district 10 years ago, is returnWhile keeping the status ing to represent Co-op City quo seemed to be the will of again after scoring a decisive people across the nation this and expected victory over two Election Day, change will be opponents on Election Day. In coming to Co-op City due to the unofficial results, Engel special circumstances as two received 137,013 votes or new legislators were elected to 77.47% of the vote while his represent Co-op City in both Republican challenger, Joseph the House of Representatives McLaughlin, received 37,860 and the New York City President Barack or 21.37% of the vote. A Council. Obama Congressman Eliot Engel, Green Party challenger, who represented Co-op City in Congress Joseph Diaferia, received 2,052 votes or 1.16% of the vote. between 1988 and 2002 before having Engel, who received word in the spring that he was being moved to run for a newly redrawn 16th Congressional District which included Co-op City and much of the major urban areas and townships of southern Westchester, appeared numerous times in Co-op City over the past several months promising to reestablish a district office in Co-op Congressman Eliot Engel
City Councilman Andy King
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November Management Forum to focus on Budget and Finance BY ROZAAN BOONE On Tuesday, November 13, at 7 p.m., the third in the series of monthly management forums with shareholders of Co-op City will be held in the Bartow Community Center, Room 31, where the focus will be on Riverbay’s budget and finance process. These monthly open management forums are held to explain the function of individual service departments within the Riverbay Corporation so as to familiarize shareholders with each office and its operations. All of the forums have been scheduled to begin at 7 p.m. thereby allowing shareholders who wish to attend the opportunity to return home from work.
“There are many positive aspects to Management holding monthly forums,” explained General Manager Vernon Cooper. “First and foremost, we believe that the forums are an excellent way to get information to the community about how the various departments operate, what changes are taking place and what advances are being made that affect the residents of this community. In addition, the forums are designed to give cooperators an opportunity to ask questions and discuss issues or concerns that they feel are pertinent to the specific department or subject matter on the agenda for that particular evening, or in general, because (Continued on page 4)
Riverbay open for business on Monday, Veterans’ Day Riverbay Corporation, including the administrative offices, will be open for business on Veterans’ Day, Monday, November 12. The Co-op City Times deadlines remain in effect. All club articles are due by 3 p.m., and Directors’ viewpoints are due by 5 p.m. on Monday, November 12. We wish everyone an enjoyable Veterans’ Day holiday weekend.
25¢
HUD/Wells Fargo mortgage loan solidifies Co-op City’s financial health
HUD signs final commitment letter, loan set to close by month’s end
BY JIM ROBERTS A top official from the federal Housing and Urban Development (HUD) agency signed the final commitment letter this week that guarantees the $621 million mortgage refinancing loan from Wells Fargo Bank to Co-op City and cuts the community’s interest costs by more than $10 million each year for decades. Following three years of lobbying efforts and nearly a year of intense negotiations to reach a final deal, Marie Head, Deputy Assistant Secretary for Multifamily Housing at HUD, provided a signed copy of the loan guarantee to Riverbay on Nov. 7. Final execution of the nearly 50 documents that have to be completed is expected to happen in the next two weeks and the closing of the loan will most likely happen during the last week of November, according to Herbert
Freedman, a principal with Marion Scott Inc., the managing agent of Riverbay Corporation. “This is a great, historic day for all shareholders, our friends and neighbors who live here in Co-op City,” said Riverbay Board President Helen Atkins. “Thanks to the vision and direction of the (Continued on page 13)
First Annual Co-op City College & Career Fair (See page 3) Bronx hearing on MTA fare increase set for Tuesday at Hostos BY BILL STUTTIG Last month, the MTA released four separate proposals to increase bus, subway, express bus and railroad fares, as well as MTA bridge tolls and Bronx riders will have the chance to voice their opinion of each of them at a public hearing in the Bronx scheduled for 5 to 9 p.m. Tuesday evening at Hostos Community College’s Center for Art And Culture, 450 Grand Concourse. 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. The MTA said last month 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 last month. “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 (Continued on page 9)