Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2017 Co-op City Times
Vol. 52 No. 7
Saturday, February 18, 2017
Riverbay Legislative Committee Holds Round Table Discussion With Elected Officials BY LAURETTA J. JAYSURA
On Saturday, February 11, the Riverbay Board Legislative Committee, chaired by Board Director Rod
In addition to Board Director Saunders, other facilitators for the early morning pow-wow included Riverbay Board President Linda Berk, who
All of Riverbay’s elected representatives came together to meet with Board Directors and top management officials to discuss current and future issues facing the community and how they can each better help their more 50,000 constituents who call Co-op City home. Photo by Lauretta Jaysura
Saunders, held a round table discussion with just about every local elected official representing Co-op City to discuss and elicit their help with a litany of important issues facing the housing corporation.
Budget Review
25¢
The Board of Directors has spent a five-year capital plan laying out the last month reviewing the budget the major infrastructure needs of submitted by manageRiverbay. Having a ment. We will vote on President’s Message five-year capital projthe budget before the ect plan gives Riverend of this month in bay the opportunity to plan for needed exorder to submit it to President penses without being DHCR for approval. surprised. It should keep us The entities had a preview from the old, bad habit we of the budget proposal last had of robbing Peter to pay month. Paul because Riverbay Most important to sharenever planned or forecasted holders is the question of a upcoming needs outside of carrying charge increase. the current budget period. As Bob Klehammer introThese projects include duced his overview of the replacing 160 elevators, budget at our recent Town Local Law 11 repairs, ADA Hall meeting, he explained that Riverbay is in good stead financompliant lobby doors, upgraded cially and we are still operating with fronts for the shopping centers and a surplus. For the purposes of Riveraddressing the cement beams on bay’s operational expenses, we have the garage top floors. Some of the enough money to meet our needs. expenses for the new lobby doors Along with the budget, our Exec(Continued on page 2) utive GM presented the Board with
Linda Berk
Installation of Economizer
opened the session with a warm welcome and introductions. “This is a rare event,” said Ms. Berk. “We thank our elected officials for (Continued on page 4)
CHANGE TO TAX FORM BY IRS DOES NOT IMPACT SHAREHOLDERS
A tax form that Riverbay sends out to shareholders each year may look different, but nothing has changed regarding how it affects your individual tax return. The form, 1098, is sent out each year to indicate the share of the corporation’s real estate tax and mortgage interest that each cooperator pays as part of their annual carrying charges. Those two numbers are still on the form as always. The IRS now requires three additional numbers on the 1098 form – the outstanding mortgage principal, the mortgage origination date, and the mortgage insurance premiums. None of these numbers affect a shareholder’s individual tax return, according to the Riverbay Finance Department.
Earlier this week, a milestone in the installation of the Power Plant’s new high speed boiler was reached and the economizer was moved and permanently placed inside the plant adjacent to the pad where the new boiler will sit. The economizer will regulate steam produced by the boiler before it is sent to the turbines to produce heat, hot water and electricity for the more than 15,000 homes of Co-op City. Full commissioning of the boiler is expected later this year. Photos by Bill Stuttig
Assemblyman Benedetto appointed to MTA Capital Program Review Board BY BILL STUTTIG
Mike Benedetto, Co-op City’s long-time representative in the New York State Assembly, announced this week that he was recently appointed to the powerful MTA Capital Program Review Board, a four-member panel that has veto power over capital budgets brought forth by the MTA and its Board of Directors. The long-serving assemblyman announced his appointment by New York State Assembly Speaker Carl Heastie to the Review Board at the Riverbay legislative round table last Saturday. The Capital Program Review Board’s members are each appointed by four different branches of the New York State and New York City government. Those are the Governor’s office, the Mayor’s office, the New York State Senate and the New York State Assembly. As Assemblyman Benedetto explained it, he will serve on the Board at the behest and will of Speaker Heastie and in representation of all the members of the (Continued on page 3)