Co-op City’s official newspaper serving the world’s largest cooperative community. Vol. 51 No. 2
© Copyright 2016 Co-op City Times
Open Board meeting Wednesday to discuss proposed revenue programs and incentives for shareholders Riverbay Board President Cleve Taylor has scheduled an Open Board meeting to discuss a couple of revenuegenerating programs for the housing corporation, as well as an incentive for those shareholders who opt-in. The open meeting, which all shareholders are urged to attend, will be held on Wednesday, January 13, at 7 p.m. in Room 31 of the Bartow Community Center, 2049 Bartow Avenue, Bronx, NY. The revenue-generating programs to be discussed and voted on by the Board include a proposed 6% discount for shareholders who pre-pay their annual carrying charges and an equity increase for new and transferring shareholders. The Board will also vote on the 2016 Election Rules and Regulations, and the community will receive an update from the elevator task force. In order to have a full and focused BY ROZAAN BOONE
exchange between shareholders and the Riverbay Board on the issues at hand, shareholders who have specific questions and concerns about their apartments or any other matters that are unrelated to the topics of discussion at Wednesday’s meeting are strongly encouraged to come early and meet with the respective department directors and their personnel who will be available starting at 6 p.m. Wednesday evening outside of Room 31 in the Bartow Center. The Board business meeting will begin promptly at 7 p.m. The issue of the pre-paid carrying charges is one that the Board President has been informing shareholders about, especially at building association meetings, throughout the development for the past year. “I am pleased to present this strategic
Gallery Session at Wednesday’s Open Board meeting (Continued on page 4)
Shareholders interested in speaking at the gallery session at Wednesday’s Open Board Meeting, January 13, 7 p.m. Rm. 31 in the Bartow Center, are asked to focus their questions on the topics of discussion (see agenda on page 4) in order to maximize time and have a focused exchange with the Board. Those with specific questions and concerns about their apartments or any other matters that are unrelated to the topics on the agenda are asked to come early and meet with the respective department directors who will be available starting at 6 p.m. Wednesday evening outside of Room 31 in the Bartow Center, to have their issues addressed.
Three vehicles parked on Erskine Place vandalized over New Year’s weekend The persistent crime of cars being randomly vandalized while parked on the streets in and surrounding Co-op City continued as 2016 began when three vehicles parked on Erskine Place near Building 31 were significantly damaged some time during the overnight hours between January 1 and 2. A resident of Building 31 reported to Public Safety on Saturday afternoon that he noticed significant damage to his vehicle, a 2005 Honda Accord, when he went to the car at approximately 4:30 Saturday afternoon. The vandalism victim reported BY BILL STUTTIG
6% Annual Prepay Carrying Discount - Proposed
Saturday, January 9, 2016
that he parked the car in front of Building 31 at approximately 8:30 p.m. the previous evening, January 1. When he returned to his vehicle 20 hours later, it was damaged with dents and scratches on the top, front, side and back of the vehicle. When Public Safety investigators responded, they noticed two other vehicles parked in the same vicinity – a Toyota Prius and a Nissan Pathfinder – with similar damage. Chief Frank Apollo, Commander of Co-op City Public Safety Department, reported late last year that while crime (Continued on page 2)
25¢
Dear fellow sharetion and there was President’s Message holders, plenty of cash around. Firstly, I would That was untrue. In like to extend heart2014, when I looked President felt best wishes for a into Co-op City’s finhealthy, happy and ances, I noticed we prosperous New Year. were not taking advantage of a It has certainly been a $1.4 million savings by prepleasure representing you paying our NYC water bill. Our Managing Agent’s as President of the Corponly thought was to borrow oration for the past two more money from Wells Fargo years. A great deal has Bank, on an unapproved budbeen accomplished during get line. The bank prudently that time, basically turning said “NO!” to Marion Scott the company around in the Realty, Inc. right direction. Viewing these circumstances involvCo-op City’s 55,000 residents reping loans, cross market opportunities resent the highest income per capita caused me to recall some previous case minority community in the City of studies I had done while studying interNew York. That’s stability! The Genesis national finance, money and banking at In 2014, when I took office, I immethe undergraduate level. These studies diately started looking for ways to stainvolved the principle of “Arbitrage” bilize the Riverbay Corporation and which, in its simplest form, takes simulreturn value to the company and its taneous advantage of buying and selling shareholders. Our suspended Managing of a commodity in different markets in Agent told the Board of Directors that (Continued on page 2) Co-op City was in great financial posi-
Cleve Taylor
Co-op City realizes more than $1.6 million in energy cost savings during the last quarter of 2015 The unusually warm weather these past three months helped keep Co-op City greener in more ways than just the lawns. According to figures released this week by Riverbay’s Finance Department, Co-op City spent $1.6 million less on energy costs during the last three months of 2015, as compared to the same three months of 2014. The total amount spent on energy costs during October, November and December of 2015 was $3.22 million, according to Finance Department figures which also indicate that energy costs for the same quarter in 2014 was $4.83 million, a $1.61 million difference. The savings are even greater if you go back further. The records indicate that for the last quarter of 2013, Riverbay spent $5.1 million on energy costs and for 2012’s last quarter, the total amount of energy costs came to $5.6 million which means that energy costs for the last quarter of this year have been reduced by $2.38 million when compared to energy costs for the BY BILL STUTTIG
last quarter of 2012. Brian Reardon, Director of Riverbay’s Power Plant, said, “While co-generation and the improved efficiency of the Power Plant can take some of the credit for the realized savings, especially over the extended period of time, the warm weather we had this past November and December are also responsible for a bulk of the savings we realized just this past year, along with the lower cost of fuel which is now at its lowest price in close to a decade.” A closer look at the energy costs figures reveal that more than 100% of the savings come from a lower amount spent on gas. Riverbay only spent $1.975 million on gas during the recently passed quarter as opposed to approximately $4.11 million spent during the last quarter of 2014. In 2012’s last quarter, the amount spent on gas needed to run the Power Plant, supply heat and generate electricity to the community was $4.475 million. In fact, electricity costs actually rose (Continued on page 2)