Co-op City Times 02/14/15

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Co-op City’s official newspaper serving the world’s largest cooperative community.

Shareholders brought up to date on Co-op City’s financial shortfalls and possible remedies © Copyright 2015 Co-op City Times

Vol. 50 No. 7

Saturday, February 14, 2015

BY BILL STUTTIG

At a pair of town hall meetings held here Saturday afternoon and Wednesday evening, hundreds of Co-op City shareholders were brought up-to-date on the approximate $8 million shortfall the community is currently facing due to a recent settlement of a long-standing class-action federal lawsuit against Riverbay filed by employees, and also the recent actions taken due to the discovery of the legionella bacteria in the Power Plant’s cooling tower. More than 800 shareholders attended a meeting in a filled-to-capacity Dreiser Community Center on Saturday afternoon and another 300 came out to Section 5’s Einstein Center Monday evening to hear the grim news, but also possible short-term solutions to the problems and long-term projections which indicated a potentially brighter financial future in the years to follow. Aside from the more than 100 shareholders who attended the meetings in person, perhaps thousands more watched the proceedings live on their televisions from the comfort of the

Approximately 300 Co-op City shareholders filled the Einstein Community Center’s room 45 on Wednesday evening for a town hall meeting on the community’s current financial situation as the Board prepares to approve a new two-year operating budget to take effect by the end of March. Photo by Bill Stuttig

homes in the first of what Riverbay President Cleve Taylor promised to be many live televised public meetings in the community in the months and years ahead as a new era of transparency

Board discusses Cablevision bulk cable agreement with shareholders BY ROZAAN BOONE

At the town hall meetings held with Co-op City shareholders last Saturday and again on Wednesday evening, Riverbay Board President Cleve Taylor presented the Cablevision bulk cable agreement as an option to help save $8

million off of the cable portion of their Cablevision bills and therefore ease the financial burden in the wake of a proposed upcoming 4.5% carrying charge and a 10% garage fee increase facing (Continued on page 17)

takes root under his charge. And the new transparent era was kicked off by President Taylor who, with the assistance of Riverbay General Counsel Jeffrey Buss, began each of the

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two meetings with a detailed approximately 90-minute explanation of recent developments affecting the community, specifically the recent decision to settle a federal class action lawsuit over nonpayment of overtime and other salary matters. The lawsuit was originally filed by six employees who claimed they were given comp time in lieu of overtime, an illegal labor practice. The lawsuit, Ramirez vs. Riverbay, then grew into a federal class action lawsuit against Riverbay involving approximately 1,700 current and former employees claiming they too were shorted on overtime and also, as General Counsel Buss explained to the shareholders, not paid fully for the complete amount of hours for which they were clocked in and other matters, including miscalculations of night differential pay due to late night shift workers. The lawsuit alleged that all these alleged transgressions against the workers were committed under the (Continued on page 4)

Townhall meeting rebroadcast The Saturday, February 7th Townhall meeting held at the Dreiser Auditorium will be rebroadcast on Tuesday, February 17, at 10 a.m. and again at 6-10 p.m. on MATV Channel 12 and Cablevision Channel 591. If you missed last Saturday’s broadcast, be sure to tune in and be informed!

Riverbay Holiday closing and Co-op City Times deadline notice

Riverbay’s administrative offices will be closed on Monday, February 16, in observance of Presidents’ Day. Shareholders may contact the Emergency Maintenance Desk for service emergencies, and the Co-op City Public Safety Department at (718) 671-3050, and 9-1-1 for all other emergencies. Because of the holiday shortened work week, all Directors’ viewpoints and club articles must be submitted by 9 a.m. on Tuesday, February 17. Material received after this time will not be considered for publication in the Saturday, February 21st issue of the Co-op City Times. Please note that this deadline will be strictly enforced to ensure that we meet our production schedule. Articles and viewpoints may be submitted electronically by emailing 24/7 to cctimes@riverbaycorp.com or by faxing to (718) 320-2595. Material may also be slipped under the door of Room 21 in the Bartow Community Center, 2049 Bartow Avenue, Bronx, N.Y. 10475. We wish our readers a happy Valentine’s Day and a safe and enjoyable Presidents’ Day holiday weekend.


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