CELEBRATE THREE KINGS DAY! ¡FELIZ DIA DE LOS REYES!
Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2015 Co-op City Times
Vol. 50 No. 1
Co-op City celebrates Kwanzaa: An African American Holiday On Saturday, December 27, the 18th Annual Kwanzaa Celebration, organized by the Coalition of African American Churches & Community Organizations of Co-op City, Inc, was held in the Bartow Center, Rm. 31 and attended by a very large turnout of both BY LAURETTA J. JAYSURA
the ‘young’ and ‘not as young.’ Saturday was a much appreciated sunny day that gave everyone an enjoyable break from the cold of winter. Most of the ladies, though not required, were wearing very stylish African garments. (Continued on page 4)
Members of the Kuumba African Drummers and Dancers invite the children of the community to join with them during the dance and cultural celebration performed Saturday at Co-op City’s 18th annual Kwanzaa celebration. Photo by Lauretta Jaysura
Hot water repairs complete for zone 2; zone 1 repairs tentatively scheduled for Wednesday Repairs to Co-op City’s high temperature hot water system for zone 2 were completed as scheduled on Tuesday as power plant workers and contractors replaced a five foot section of damaged pipe behind the Cooper Place townhouses with new pipe. BY BILL STUTTIG
MSI files lawsuit against Riverbay Corp.
Saturday, January 3, 2015
According to Power Plant Director Brian Reardon, who is overseeing the two system repairs, residents in zone 2 had their hot water service restored by 9:30 p.m. Tuesday, December 30th. Hot water had been shut off to zone 2 at approximately 9 a.m. earlier (Continued on page 2)
Riverbay workers began excavating this week behind the Defoe Place townhouses in preparation for the zone 1 hot water system repairs tentatively schedPhoto by Bill Stuttig uled to take place on Wednesday, January 7th.
BY JIM ROBERTS On Christmas Eve, Marion Scott Real Estate Inc. (MSI) filed a lawsuit against Riverbay Corp. seeking payment for services rendered as managing agent during the months of November and December of 2014. MSI has not rendered any services to Riverbay since approximately November 17 when it was suspended pending an investigation. At an Open Board meeting held on November 19, the Riverbay Board of Directors passed Amended Emergency Resolution #14-72 by a vote of 12-2. That Resolution asked both HCR and Riverbay’s General Counsel, Smith, Buss & Jacobs, to investigate various allegations against MSI. The Resolution also asked HCR to terminate MSI as Managing Agent if warranted by the investigation. The issues being investigated include MSI's approval of more than $8 million a year in insurance con-
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tracts without Board or HCR approval; the use by MSI of Riverbay employees to provide services for the benefit of MSI and other clients of MSI; the failure of MSI to disclose or obtain Riverbay approval to use its employees for non-Riverbay work; the failure of MSI to pay or reimburse Riverbay for the value of the services rendered by Riverbay employees; the failure of MSI to pay for and obtain a fidelity bond; questions about various employment policies adopted by MSI; and the refusal of MSI to accept responsibility for or contribute to the defense of employment-related litigation against MSI and Riverbay. According to the City News, a settlement of an employment class action lawsuit against Riverbay and MSI, entitled Ramirez v Riverbay, is likely to cost $6.25 million. That does not include substantial sums for legal (Continued on page 2)
2014 Year in Review: July - December
The following is an account of the major events occurring in or affecting Co-op City during the last six months of 2014 as reported by the Co-op City Times. Last week’s issue featured an account of the first half of 2014. July: More than 5,000 people lined up at the Dreiser Community Center to meet with recruiters from 54 companies and agencies as Co-op City hosted a major job fair held in connection with the opening of the new Mall at Bay Plaza. “This was the best one!” said A. Brown, an original cooperator, talking about the July 4th celebration. “I’ve been to every celebration and this was the best one. I think everybody liked it being held on Saturday.” Co-op City celebrated the nation’s 238th birthday with an iconic and traditional Fourth of July fireworks display sponsored by the Riverbay Fund and Board of Directors. The freshest produce from regional farmers was brought to Co-op City each
Wednesday beginning on July 9 at the Farmer’s Market in Co-op City. In his President’s Report, Cleve Taylor wrote that a meeting to discuss Riverbay’s financial condition “confirmed my worst fears of the damage that Marion Scott Realty, Inc. has done to the 2014 Balance Sheet, cash position. In essence, MSI has vaporized cash from the balance sheet, leaving the 2014 Riverbay Corporation in a barely positive cash position on an accrual basis.” Board President Cleve Taylor named the chairpersons and co-chairs of the 2014-2015 Board Committees. The Audit Committee Chair is Andrea Leslie with Evelyn Turner and Bill Gordon as co-chairs. The Budget Committee, comprised of the Board as a whole, is chaired Leah Graham with President (Continued on page 3)