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First Candidates’ Forum now showing on the Crawler & official Co-op City YouTube channel, https://youtu.be/UJQzrqWyyBw
Vol. 56 No. 17
Refinancing Facts
Saturday, April 24, 2021
Linda Berk
President’s Message
2021 Board candidates express views, answer questions at first Candidates’ Forum
The 12 candidates running in this year’s Riverbay Board of Directors election will participate in three official Candidates’ Forums, held virtually, leading up to this year’s voting period. Candidates are afforded an opening and closing statements. Voting will be conducted by mail-in or online ballot, Monday, May 3 to Wednesday, May 21. The Co-op City Times’ report this week is on the first virtual Candidates’ Forum held on April 21. The final two forums will be covered in an upcoming issue after the forums are held. First virtual Candidates’ Forum held April 21 All 12 candidates running in this year’s Riverbay Board of Directors election participated in the first of three candidates’ forums on Wednesday, April 21. For the first time, this year’s forums will be virtual using Riverbay’s Webex platform and broadcast on the Riverbay Crawler to all shareholders.
BY TORIEA McCAUSELAND
President
There has been some discussion of the potential refinancing deal that Riverbay Corporation has considered. Let me make sure the community understands the situation. Considering refinancing currently is not saddling the corporation with debt, but an opportunity to acquire a large sum of money at a low interest rate. The refinance deal, if we move forward, would provide $80 - $100 million at an extremely low mortgage rate that might not come around again for some time. It would give Riverbay a large sum of money towards the repair of our $250 million or more convector problem. (Continued on page 2)
HUD-mandated Property Needs Inspections begin May 5 Shareholder cooperation necessary
Beginning on Wednesday, May 5, inspectors from Dominion Due Diligence Group will begin property-wide inspections in Co-op City, a requirement of the community’s current HUD-insured mortgage with Wells Fargo. Inspectors will require access to at least 10% of each apartment-type in Coop City (chevron, triple-core, tower, and bedroom size). Each Dominion inspector will be accompanied by a Riverbay staff member and the inspection should take approximately five minutes. The inspector will mainly examine the ground fault interrupter (GFI) outlets throughout the apartment, smoke detectors, electrical panels and the general condition of the apartment and balcony. In some cases, the inspector may need to take photos. Proper identification will be worn and all Covid-related health guidance will be adhered to, including the wearing of face masks and social distancing, for the safety of all parties. In addition to residential units, the common areas of buildings, mechanical rooms, roofs, grounds, commercial spaces and garages will also be inspected. These Property Needs Assessments – or Capital Needs Assessments as they are also known – are mandated every 10 years for all HUD-insured loans such as Co-op City’s current mortgage with Wells Fargo. This year’s inspection is being done in year 9 as part of Wells Fargo/Riverbay’s exploration of a possible refinancing, and will allow Riverbay and its lender to assess what needs to be repaired, when the repairs are needed, and estimated cost of those repairs to ensure proper financial planning. The cooperation of shareholders is needed to complete this mandatory inspection. —Riverbay Management
2021 Riverbay Board of Directors’ Election Ballots to be mailed Monday, April 26 Voting period May 3 – May 21, 2021
BY ROZAAN BOONE
Shareholders will begin receiving their orange colored election ballot envelopes later next week from YesElections, powered by Election-America, Riverbay’s election contractor, to participate in the 2021 Riverbay Board of Directors election. Shareholders can vote in one of two ways – by completing and mailing back their ballot to YesElections in the stamped, addressed envelope included
$1.25
(Continued on page 4)
DOE’s “Summer Rising” offers free summer program for public school students
(Continued on page 9)
BY BRANDON ORTIZ
This academic year could not have been more far from normal for New York City’s public school students. However, the New York City Department of Education (NYCDOE) is hoping to help fill in potential learning gaps the city’s public school students have incurred with a free, educational and entertaining summer program.
(Continued on page 19)
March for Peace held in Co-op City ahead of George Floyd verdict
A collaboration between the Clergy of the 45th Precinct, led by the clergy council president, Rev. Dr. Deborah Jenkins, and the Bronx Clergy Task Force, led by Bishop Angelo Rosario, resulted in a March for Peace last weekend from the Section (Continued on page 4)
Douglas Elliman data breach does not affect Co-op City shareholders
Earlier this week, Riverbay Executive General Manager Bob Klehammer informed the Riverbay Board of Directors that the IT data breach that occurred at Douglas Elliman Property Management (DE), the managers of Co-op City, does not affect Co-op City shareholders. Riverbay Corporation has its own IT system which is independent of and not linked to the Douglas Elliman system. In the DE data breach, hackers were able to get into the company’s property management IT system which houses personal data for the residents and employees in a number of New York buildings in DE’s property management portfolio. According to reports, the breached information may have included names, dates of birth, mailing addresses, Social Security numbers, driver’s license numbers, passport numbers and financial information. Douglas Elliman’s brokerage and new development marketing businesses were not affected by the hack as they each use separate IT systems. The matter is being investigated by the FBI.