Co-op City Times 03/25/17

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2017 Co-op City Times

Seven pick up petitions to run for the Board of Directors Vol. 52 No. 12

2017 - 2018 Budget Approved

Saturday, March 25, 2017

Deadline for submission is April 3

Seven shareholders picked up qualifying petition packages this week for the annual election of the Riverbay Board of Directors which will take place on Wednesday, May 24. The petition period for those who hope to qualify as a candidate began this past Monday, March 20, and will conclude at 5 p.m. on Monday, April 3, when all signed petitions are due back to the Riverbay Legal Department, located in the administrative building at 2049 Bartow Avenue, Bronx, N.Y. BY ROZAAN BOONE

A test survey, which will look like the depiction above, will begin arriving to Co-op City households this coming week as a precursor to the 2017 Riverbay Board election which is being conducted by mail-in ballot or electronic voting this year. Please fill out the test survey and return it by the April 10, 2017 deadline by following the instructions included with the survey.

Out of the seven resident shareholders who picked up petitions to run for a seat on the Riverbay Board of Directors this week, four are incumbent directors, one is a former candidate, and two are running for (Continued on page 15)

Mid-week power outages caused by disconnections during scheduled maintenance of a turbine A preliminary Root Cause Analysis (RCA) investigation into a series of partial electrical outages that affected buildings in Section 3, 4, and 5 both Tuesday afternoon and Wednesday morning pointed to scheduled preventive maintenance testing activities being (Continued on page 11) BY BILL STUTTIG

Board Set Priorities That Reduced Carrying Charge Increase

25¢

Reviewing and ap- President’s Message the time of our mortgage proving our most recent application. budget was a long proHCR imposed a 3% cess, but I believe it increase over the board’s President was a necessary proapproved 1% two years cess to go through. In in a row. Additionally, the end, the majority of Wells Fargo wanted an autothe board concluded that matic 2% annual increase in Co-op City had several our mortgage agreement that capital projects that needed the board, under Director to be addressed and while Cylich’s charge, got them to we saved close to $5 million agree to let the board raise during the budget review the carrying charges only process, there was no other when needed. If not, we place to find $20 million would automatically have to meet our needs, aside a 2% increase each year, from a draconian cut in mandated by our mortlabor that would have drastically gage. reduced services and our quality of life. Business, Not Personal or Political If there was any other creative way I strongly believe that the work of of finding the money, no one was able the Board of Directors is that of to identify it. In the end, if we did not business. From the board developapprove a budget to address our needs ment weekend to the insistence on and maintain the property, the decifollowing protocol, I believe the sion would have been made for us. board should be about business, not Some may say that is a fear tactic. I politics or personal agendas. When I say it is reality. The same reality the ran for the board, I campaigned on board faced when the entities wanted ridding our board of the politics, pera management decision. They threatsonal agendas, corruption and ened the board with fines of $40k each incompetence on the board and in if a decision was not made by a set management. I stand firmly on that deadline. We have also lived through (Continued on page 2) two imposed carrying charge increase at

Linda Berk

SCRIE & DRIE may help defray increased carrying charges for some Co-op City shareholders

Eligible Co-op City shareholders who are registered with the city’s Senior Citizen Rent Increase Exemption (SCRIE) and the Disability Rent Increase Exemption (DRIE) programs may be able to avoid paying the monthly carrying charge increase which is tentatively scheduled to go into effect on Thursday, June 1, 2017. (Continued on page 4) BY ROZAAN BOONE

Spelling For Success!

After many weeks of reviewing all the capital needs that Co-op City faces over the next five years, the Riverbay Board of Directors struck a balance between funding the necessary projects and maintaining affordability for shareholders. Instead of accepting Riverbay’s original proposal of a 4.62% carrying charge increase this year, the Board adopted a two-year budget that raises charges 1.9% BY JIM ROBERTS

(Continued on page 34)

Management Report see Page 9

Spelling for Success – Twenty-two boys and girls took part in the 4th Annual Spelling Bee sponsored by the African-American Association and the Riverbay Fund on March 18 at the Bartow Center. (See story on page 3, photos on page 5) Photo by Lauretta Jaysura


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