Co-op City Times 12/31/11

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times

Vol. 46 No. 53

Saturday, December 31, 2011

Con Edison pays Co-op City approx. $600,000 so far in 2011 BY BILL STUTTIG With three months to go in the current fiscal year which ends March 31, 2012, it appears that financial projections for Co-op City’s co-generation plant are either going to be met or exceeded in terms of both savings and power sales. According to figures released by Riverbay’s Finance Department earlier this week, so far in 2011, Riverbay has billed Con Edison $590,018 from April through November for excess electricity sales to the utility from the power plant. Riverbay billed the utility $42,273 for power they exported from the Riverbay plant in November, staying pretty much on par with similar payments Con Edison made to Riverbay through these recent and relatively mild autumn months. In October, Con Edison was billed and paid $42,147 for exported electricity and $47,315 for the warmer month of September. It is during the hot summer months and cold winter months that Riverbay

was projected to be able to sell the most excess electricity, when demand is at its peak and that projection is also bearing out. In June, Riverbay billed and was paid $127,040 for excess electricity sales and in the extremely warm weeks of July, Con Edison was billed for and paid Riverbay, $128,538 for exported power from the plant. With the total for the past eight months being slightly over $590,000, and with four winter months remaining in which demand for excess power by the utility should peak once more, it appears the Co-op City’s power export capabilities will far exceed early conservative estimates for the export operations’ profitability. Arthur Debowsky, Vice President of Sales and Marketing for Great Eastern Energy, the firm which represents Riverbay in marketing its available power to outside utilities, said earlier this year that the good news for

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Bx. 30 returns to Asch Loop on January 8th BY BILL STUTTIG The Bx. 30, the only local bus line serving all of Co-op City’s five sections on a continuous basis throughout each day, will be readjusted to include stops along Asch Loop beginning Sunday January 8th. The Bx. 30 stops along Bartow Avenue between the Co-op City Blvd. and Asch Loop intersections will be eliminated as a result beginning next Sunday. Riverbay officials including General Manager Vernon Cooper, Ombudsman Joe Boiko and Community Relations Director Michelle Sajous were informed of the start date of the restored route on Thursday. All three lobbied hard along with others over several months to have the change made This change in the Bx. 30 route to

include Asch Loop, bringing the bus closer to thousands of Co-op City residents, is considered to be the first major significant victory in Co-op City’s 17month long fight to have the MTA restore some of the bus service Co-op City lost as part of the citywide cuts of June 2010, The news that the NYC Transit was considering bringing the Bx. 30 onto Asch Lop was first reported by the Coop City Times on October 15. New York City Transit President Thomas Prendergast then confirmed the change in a letter from him that Riverbay General Manager Vernon Cooper received on November 9th. A formal (Continued on page 2)

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Early deadline notice Riverbay’s administrative offices will be closed on Monday, January 2, 2012 in observance of New Year’s Day. Because of the holiday shortened work week, Directors’ viewpoints and community organizations’ articles must be submitted by 9 a.m. on Tuesday, January 3rd, 2012. Material submitted after this time will not be considered for publication in the Saturday, January 7, 2012 issues of the Co-op City Times. Please note that the regular business hours of the Co-op City Times are 9 a.m. to 5 p.m. each weekday. Material for publication may be emailed to cctimes@riverbaycorp.com; faxed to (718) 320-2595 or slipped under the office door at 2049 Bartow Ave., Rm. 21. Although the administrative offices will be closed on January 2, shareholders may contact their local CSO for services and the Co-op City Public Safety Department at (718) 671-3050, and 9-1-1 with emergencies. We wish our readers a prosperous New Year.

Riverbay receives $1.05M in J-51 real estate tax credits for window improvements

The kindness of others…Public Safety Officer Shante Carpenter (l.) and Sergeant Rosalie Ramirez (2nd from r.) join staff from the Black Forum Food Pantry after the officers dropped off a huge holiday food donation made to the food pantry made by the residents and employees of Co-op City and collected by the Public Safety Department through the month of December. Board Director Tony Illis (seated right), who has run the food pantry for many years, profusely thanked the people of Co-op City and the Public Safety Department for the contributions and efforts, saying that such help is essential to the needy of this community, especially in these difficult economic times. Photo by Bill Stuttig

BY ROZAAN BOONE Riverbay Corporation recently received its first certificate for J-51 tax abatement credits in the amount of $1,045,800 from the City of New York for the community’s historic window replacement program which is nearing completion. According to attorneys at Goldberg, Weprin, Finkel, Goldstein LLP, the law firm that was hired by Riverbay to file for the credits, thirteen applications have been filed with the City’s Department of Housing Preservation & Development.

Seven applications have already been approved which will provide the shareholders with an additional $10,000,000 in real estate tax benefits before they expire. There are six applications remaining that, once approved, should provide an additional $2,000,000 in annual benefits. “The tax credit will be spread out over 10.8 years, so Riverbay will see approximately $4,000,000 in annual real estate tax relief over a ten year period,” said an (Continued on page 5)


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