Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times
Vol. 47 No. 50
Saturday, December 15, 2012
Co-op City’s Power Plant weathers the storm BY JIM ROBERTS The devastation of Hurricane Sandy left tens of thousands without power in the New York City region for days in October, but the lights never went out here in Co-op City. Being energy-independent paid big dividends for shareholders during that recent historic storm, and the benefits of operating the only tri-generation power plant in New York City will continue to grow for shareholders in the coming
years. Residents attending a Management Forum on Dec. 11 at the Einstein Community Center received an update on the status of Co-op City’s tri-generation power plant. The 40-megawatt plant produces all of the energy used in Co-op City and makes excess electricity available for sale that generates additional revenue for shareholders. The new plant has been (Continued on page 3)
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Open Board meeting focuses on shopping center and lobby enhancements BY BILL STUTTIG At an open Board meeting Wednesday evening, approximately 50 shareholders, along with 10 Board Directors, heard lengthy presentations on two long-considered improvements – shopping center enhancements and lobby upgrades which include handicapped accessibility and increased security. The lobby enhancements, focusing primarily but not exclusively on improved handicapped accessibility had already been prioritized by way of unanimously passed Board resolutions earlier this year and funds have already been provided for some of the upgrades in the recently acquired HUD guaranteed loan from Wells Fargo Bank. Two renowned architects with years of experience working with Co-op City presented their preliminary, but detailed, design ideas, each of which not only included the increased handicapped accessibility with
new doors and mail boxes, but a few options on redesigned access to the buildings, particularly in the cases of Co-op City’s Chevron and Triple Core buildings which could limit access to the building for visitors to just one central entrance while residents would have access and egress from all the doors through new electronic key cards. Ivan Brice Architecture, the firm that provided the designs for the recently completed installation of the new windows and balcony doors, presented a series of design options to the community, including design with a separate entrance at each lobby in the chevron and triple core buildings and designs with a single central entrance to help a more secure means of egress and access. Brice’s designs also included eliminating some partitions to open up space as would be required under the terms (Continued on page 2)
Holiday parking hours extended by Riverbay Board for visitors this holiday season Shareholders speak with Riverbay Power Plant Director Brian Reardon (center), Herb Freedman of Marion Scott Inc. (left) and Assistant Plant Director Dave Stone (right) at the Management Forum held Dec. 11 at the Einstein Community Center. Photo by Jim Roberts
Detailing the long, difficult process that made the HUD loan possible BY BILL STUTTIG The historic closing of the HUD guaranteed low-interest refinancing agreement between Well Fargo Bank and Co-op City at the end of November marked the end of a journey that took 3 and ½ years to complete. One of the principal architects of the campaign to get it done said this week that there were several unprecedented hurdles and obstacles that had to be overcome in order to make last month’s closing a reality. In 2009, just months following the widespread collapse of several of the nation’s key financial institutions in the fall of 2008, significant changes began occurring in the housing finance market and Herb Freedman, principal for Co-op City’s managing agent, Marion Scott Real Estate, said he started wondering about the possibility of attaining government assisted low-interest financing to significantly reduce the shareholders’ current and future financing costs. “Interest rates were coming down and I wanted to look at what might have been possible in terms of bringing down our own future interest rates,” Freedman said in explaining his rationale at the outset of the process. “One of the possibilities that we knew
about was the 223F program, which is a HUD/HFA insured loan that has been available for rentals throughout the country for many, many years,” Freedman explained. He said that one of the first steps taken was to discuss possibilities with Alan Wiener, Managing Director of Wells Fargo Multifamily Capital. The two men agreed that while HUD never had made the 223F program available to cooperatives before, it might be worth an attempt to at least broach the subject with the decision makers at the federal agency. “Alan took the lead in those initial discussions with me filling in the gaps because the HUD people had questions regarding how a co-op works. So I soon started to get many phone calls from Washington, D.C, asking me about the basics of a cooperative’s operation,” Freedman explained. He said that this initial “foot-in-thedoor” process included the involvement of Congressman Joe Crowley in helping to convince the key federal housing administrators that those initial discussions might be worth HUD’s while. “Following that, we went back and (Continued on page 4)
BY ROZAAN BOONE In November, the Riverbay Board approved extending the hours of discounted holiday parking for visitors to Co-op City this holiday season. As a result, beginning this year, on Christmas Eve, December 24; Christmas Day, December 25, and New Year’s Eve, December 31, visitors can park in Riverbay managed parking facilities for only $5 from 12 p.m. until 6 a.m. Resolution 12-84, which was submitted by Board Director Raymond Tirado and seconded by Directors Evelyn Santiago, Evelyn Turner, Francine Jones and Andrea
Leslie at the Board’s November 14th meeting, amends Resolution 10-96 which was also submitted by Director Tirado last year, and extends the hours of the holiday parking discount by a total of 10 hours per day. According to Resolution 10-96 which went into effect last year, holiday discount parking would be available to visitors of the community between the hours of 5 p.m. and 3 a.m. on Christmas Eve, December 24; Christmas Day, December 25; and New Year’s Eve, December 31, (Continued on page 3)
Feeling the Spirit … With Christmas just 10 days away, lobbies and hallways throughout the community are starting to show signs of the holiday sprit. One example is the lobby of Building 24 which is now graced by a beautiful rotating Christmas tree set up by building residents. A menorah display also graces the other side of the lobby. Building 24 Association President Celestine Whithey thanked her neighbors for once again filling the Building 24 lobby with the holiday spirit. Photo by Bill Stuttig