Co-op City Times 05/07/16

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Riverbay Election Supplement on pages 25-33

Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2016 Co-op City Times

Vol. 51 No. 19

2016 Election Committee announces Voting Incentive Program To ensure a high turnout of shareholders for the Riverbay Board of Directors election scheduled to take place on Wednesday, May 18, the Riverbay Board of Directors has approved offering the 2016 Voting Incentive Program once again this year. On Wednesday, May 18, voting will take place between the hours of 6 a.m. and 9 p.m. in the lobbies of the residential buildings. Shareholders who vote in the Board election will be automatically entered into the Voting Incentive Program which this year offers $200 to 5 winners, one from each section of Co-op City, who will be randomly selected in a computerized drawing after the Board election with the process overseen by the Riverbay Finance and Legal Departments, and the 2016 Election Committee. BY ROZAAN BOONE

During the drawing, five choices from each of the five sections will be randomly chosen by computer from a database in which all of the buildings in the development are sequentially listed. Each of these numbers correlates to a building and an apartment and as the numbers are drawn identifying a possible winning apartment, they will be matched against the voting registers and also compared against absentee and challenge ballots to ensure that the shareholder voted in the election, which is scheduled to take place on Wednesday, May 18. If the first number drawn comes up invalid, meaning that the shareholder did not vote, the second number will be considered, and so on, until a winner is selected. This year’s quorum is 5,054 votes for the 2016 Riverbay Board of Directors (Continued on page 2)

Open Board Meeting

Wednesday, May 11, 7 p.m., Dreiser Auditorium Agenda includes: Elimination of Co-op Apartment Insurance requirements by Riverbay, Discussion and presentation on Mailin Ballots for 2017 Election, Presentation on Dreiser Auditorium Renovation, and Gallery Session; 6-7 p.m. – Meet with Riverbay department heads. Attend and be an informed cooperator!

2016 Election Committee to hold hearing on candidate’s alleged personal attacks at election forum The 2016 Election Committee will convene a hearing next week to determine whether Mr. Frank Belcher, a candidate running in the Riverbay Board of Directors election, should be fined and/or disqualified for making personal attacks against an officer of the Riverbay Corporation during Monday night’s Candidates’ Forum held in the Bartow Community Center. According to the Election Committee, Mr. Belcher was asked several times during the debate not to level personal attacks at anyone, however, he persisted in stating that Riverbay First Vice BY ROZAAN BOONE

$17 Million Free Operating Cash

Saturday, May 7, 2016

President Linda Berk should resign her position for “illegally” taking money from Riverbay Corporation when she requested to be reimbursed for time taken away from her job to attend the ad hoc management search committee meetings which resulted in lost pay. Mr. Belcher also produced a letter of resignation for the first vice president to sign at the meeting. During the debate, another candidate explained that the Riverbay By-Laws (Article III, Section 11) state that Board directors may be reimbursed for lost

25¢

“THAT’S BUSINESS, NOT POLITICS”

Dear shareholders: 9. Design President’s Message That’s not an accident! and build a new state of the art That’s the result of good Dreiser Expoplanning that got us out of: President sition Auditor1. A judgment in an $8 ium ($3.2 milmillion federal class action lion). The architect has been lawsuit. selected; the 3-dimensional 2. Legionella clean up rendition has been presented. and the necessary extra Con 10. The proper funding to Edison use ($2 million). design and build all glass 3. No Carrying Charge and steel storefronts and increase (0%), June 2016 facades for the Bartow, through June 2017. Dreiser and Einstein Loop 4. Enough reserves to Shopping Centers ($4.1 milpay for any natural gas or lion) is out to bid. heating oil increase next winter. 11. The proper funding to re5. Enough reserves to start our design, build and install of all lobby $43 million Capital Repair Projects doors, entrances and lobbies. The this year without a rent increase. 6. A secure future under current mock-up sample is being installed in leadership. Let's not go backwards! Building 15A. PLEASE NOTE: Co-op City is There are several more funded new current with all bills and every reserve projects, including the legacy projects account is funded. left over from our former managing START BUILDING – NOW agent, Marion Scott Realty, that must be 7. The purchase is complete and cleaned up proper installation of a brand new 150EXPERIENCE ton boiler is underway. Prior to becoming President of 8. We have started the design, build Co-op City, I attended Iona College and installation of a brand new $40 milattaining my B.B.A. in Finance and lion elevator system. (179 elevators in (Continued on page 2) Co-op City).

Cleve Taylor

Shareholders are reminded that they can now save time and money by paying their carrying charges online at www.riverbaycorp.com or at www.paylease.com

REMINDER

Employee Wellness Seminar

(Continued on page 4)

We wish our readers a Happy Mother’s Day!

Wellness Manager Jacqueline Rodriguez leads one of several seminars held throughout the day Wednesday to help Riverbay employees maintain good eating and exercise habits as part of a Health and Wellness Fair hosted by the Human Resources Department. (See more on page 3.) Photo by Bill Stuttig


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