Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2015 Co-op City Times
Vol. 50 No. 13
Saturday, March 28, 2015
State HCR taking comments from shareholders on proposed 4.5% carrying charge increase BY JIM ROBERTS Shareholders have until Friday, May 1, to deliver written comments by mail to the New York State Homes and Community Renewal (HCR) about the proposed 4.5% carrying charge increase scheduled to become effective on June 1, 2015, to be followed by no additional increases through March 31, 2017. In addition to soliciting comments from shareholders on the carrying charge increase, HCR has also scheduled a conference to be held on Monday, May 4 at 7 p.m. in the Dreiser Auditorium so that shareholders, their representatives and representatives of the housing company may meet with HCR staff to discuss the proposed carrying charge increase and budget for the Riverbay Corporation. The rent conference follows Riverbay’s application for an increase in the maximum average monthly room carrying charge, which includes utilities. The application asks for a 4.5% increase effective June 1, 2015, to be followed by zero percent increase next year. Presently, the average carrying charge in Co-op City is $207.11 per room, and the
proposed 4.5% increase would raise this figure by $9.32 to an average $216.43 per room in apartments as of June 1, 2015. Co-op City’s shareholders can submit written statements to comment on figures contained in the Riverbay application for a carrying charge increase. Peter Merola, Riverbay’s Interim coGeneral Manager and Director of Finance, emphasized that all shareholders should take the opportunity to express their opinions about the proposed increase during the next month. “As part of the HCR review process, I encourage all shareholders to participate by either attending the May 4 HCR conference, or submitting their written comments to the HCR,” Merola said. As presented to shareholders at two town hall meetings in mid-February, and discussed further at the Feb. 25th Board business meeting which was telecast a day later to the community, the carrying charge increase is offsetting $6.5 million owed by Riverbay to the plaintiffs in the federal class action lawsuit, Ramirez vs.
Public Safety Chief recognizes Riverbay Detective Unit for extraordinary work
BY BILL STUTTIG Public Safety Chief Frank Apollo last week recognized two CCPD detectives in breaking two recent crime sprees which were threatening the safety of residents and visitors earlier this winter. At the afternoon roll call on Thursday, March, 19, Chief Apollo
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STATE OF NEW YORK DIVISION OF HOUSING AND COMMUNITY RENEWAL In The Matter of the Application of RIVERBAY CORPORATION NOTICE for an increase in the maximum average monthly room carrying charges pursuant to the provisions of the Private Housing Finance Law as amended. TO ALL COOPERATORS OF CO-OP CITY:
PLEASE TAKE NOTICE that the annexed application has been submitted to the Commissioner of Housing and Community Renewal for an order to increase the maximum average monthly room carrying charge, including utilities, as follows: Effective June 1, 2015, an increase of four and a half (4.5%) of the monthly carrying charge in effect for the month preceding the effective date of the Commissioner’s Order. PLEASE TAKE FURTHER NOTICE, that by direction of the Commissioner of Housing and Community Renewal, you may comment in writing on the proposed carrying charge increase. An opportunity to submit written statements is afforded so that cooperators may comment on the allegations and figures contained in the application. The Commissioner may fix carrying charges, appliance and parking charges so as to secure, together with all other income of the company, sufficient income for it to meet, within reasonable limits, all necessary payments to be made by the company. The financial reports of Riverbay Corporation are available for inspection by cooperators at: Riverbay Corporation Administrative Offices 2049 Bartow Avenue, Bronx, New York 10475 Comments in writing on the proposed increase may be served by mail to Geroge Chan, New York State Division of Housing and Community Renewal, the Housing Management Bureau, 25 Beaver Street, New York, N. Y. 10004 on or before May 1, 2015. A Conference has been scheduled for May 4, 2015 at 7:00 p.m. at Riverbay Corporation, Auditorium “A”, 177 Dreiser Loop, Bronx, N.Y. 10475, at which cooperators, their representatives, and representatives of the housing company may meet with DHCR staff to discuss the proposed carrying charge increase and budget for Riverbay Corporation. Yours truly,
Jeffrey Buss Smith, Buss & Jacobs, LLP General Counsel
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named Public Safety veterans detectives Joe Monahan and Edward Rodriguez as the department’s Officers of the Month. According to Apollo, the two detectives were instrumental in investigating and finding the clues which helped the (Continued on page 2)
Congratulations, RAM graduates!
Riverbay employees and Board members who completed a seven-week training course in best practices in residential management gathered at the Bartow Center on March 27 to receive their certificates. The RAM (Resident in Apartment Management) program is a comprehensive education and professional designation program offered to property management professionals by the National Associated Builders and Owners (NABO). Board members who completed the training are: Bernie Cylich, Linda Berk, Francine Reva Jones, Leah Graham, Andrea Leslie and Leslie Peterson. The training is sponsored by Riverbay for any employees interested in the course. Photo by Jim Roberts
Nine pick up petitions to run for the Board of Directors Deadline for submission is April 6 BY ROZAAN BOONE Nine 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 20. The petition period for those who hope to qualify as a candidate began this past Monday, March 23rd, and will conclude at 5 p.m. on Monday, April 6th, when all signed petitions are due back to the Riverbay Legal Department, located in the Administrative building at 2049 Bartow Avenue, Bronx, N.Y. Out of the nine resident shareholders who picked up petitions to run for a seat on the 2015-2016 Riverbay Board of Directors this week, one is an incumbent Director, several others have run for the Board in the past, and a couple are running for the first time. According to the Riverbay Legal Department, those picking up petitions as of press time yesterday are Evelyn
Turner, Katrina Asante, Sonia Feliciano, Junius Williams, Rodney Saunders, Stanley Frere, Deborah Jenkins, Gail Sharbaan and Tony Illis. Any cooperator in good financial standing can run for a three-year term on the Board. Seventy-five valid cooperators’ signatures are needed on candidates’ petitions in order for them to qualify to run for the Board. Those interested in running for the Board can request their qualifying election packages in person, which will include the candidate’s petitions, from the Riverbay receptionist during normal business hours at the Administrative Desk in the Bartow Community Center, from 9 a.m. to 5 p.m., Monday through Friday. At that time, the Riverbay Finance Department will access the prospective candidate’s financial record to determine whether or not they are indebted to the Riverbay (Continued on page 4)