Riverbay Election Supplement on pages 29-36
Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2015 Co-op City Times
Vol. 50 No. 18
Saturday, May 9, 2015
ORDER OF THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL HCLP-81 RIVERBAY CORPORATION, hereinafter referred to as the “applicant,” a limited-profit housing company duly organized and existing under the provisions of Article II of the Private Housing Finance Law, subject to the supervision of the Commissioner of the New York State Division of Housing and Comm-unity Renewal, owns and operates a limited-profit housing development known as Coop City in the City of New York, County of the Bronx, State of New York. The said applicant filed an application dated February 27, 2015, in the office of the Commissioner of Housing and Community Renewal requesting that the present carrying charges be increased, because the present carrying charges, together with all the other income of the said applicant, are insufficient to enable it to meet the payments required to be made by the provisions of the Private Housing Finance Law. Notice and application, together with the Division of Housing and Community Renewal financial projections, were given to the cooperator with a notification that written statements in opposition to the proposed carrying charge increase could be sent to the Commissioner not later than May 1, 2015. The purpose of such statements is to afford an opportunity for the cooperators or their representatives to refute, correct, supplement, or otherwise modify the allegations and figures contained in the statement, exhibits, and schedules attached thereto. A meeting was scheduled for May 4, 2015 at Riverbay Corporation, Auditorium “A” 177 Dreiser Loop, Bronx, N.Y 10475, at which the tenants, their representatives, and representatives of the housing company had the opportunity to meet with DHCR staff. All comments and submissions were reviewed by DHCR staff prior to this determination. NOW, on considering the entire record, from which it appears that owing to causes beyond the control of the applicant, there have been and will be substantial increases in the cost of operating the development, including, but not limited to, the increased cost of maintenance and operating expenses; and that the present maximum average carrying charges are insufficient to meet such increases in costs and to make other necessary and authorized expenditures, I FIND AND DETERMINE that, owing to causes beyond the control of the applicant, the present carrying charges are insufficient to enable it to meet, within reasonable limits, all necessary payments required to be made by the provisions of the Private Housing Finance Law and that such insufficiency cannot be corrected by reasonable economies in the management and operation of said development. I FURTHER FIND AND DETERMINE that the minimum increase in the maximum average monthly room carrying charges necessary to enable the said applicant to make the payments required to be made four point five percent (4.5%) per rental room per month, including utilities effective June 1, 2015. The increase authorized herein is not in excess of the minimum amount necessary to enable the housing company to make the payments required to be made by the provisions of the Private Housing Finance Law. I, THEREFORE, ORDER AND DIRECT the said applicant to increase the maximum average monthly room carrying charges in one stage, to an average of four point five percent (4.5%) per rental room per month, including utilities, effective June 1, 2015. A copy of this order shall be transmitted to each cooperator to be affected at least five (5) days prior to June 1, 2015. Service shall be made in the manner prescribed by the Real Property Actions and Proceedings Law for the service of a notice of petition in summary proceedings, or by first-class mail.
Dated: New York, N.Y. this 7th day of May, 2015.
SCRIE & DRIE may help defray increased carrying charges for some residents (see page 3)
25¢
HCR approves carrying charge increase following conference at Dreiser BY JIM ROBERTS
The state Homes and Community Renewal (HCR) approved the 4.5% carrying charge increase requested by Riverbay on Thursday, May 7th. There will be no carrying charge increase in the following year. “This carrying charge increase is bittersweet, in that it guarantees the stability of our homes and property for the next two years, barring any unforeseen expenses that may come up,” said Riverbay Board President Cleve Taylor. “Unfortunately our Managing Agent left quite an expensive mess for us to
pay for $8 million worth of mistakes. Riverbay Corporation will exercise all of its legal options to recover our losses. The key here is not to repeat the mistakes of a managing agent assuming such responsibility. “This money could have been used for the greater good of Co-op City. There is an old Native American saying, ‘look back but never stare.’ With that being said, let us, the citizens of Co-op City, the largest cooperative in the world, march forward with a better
Notice to Increase Parking Charges
This is to notify all shareholders that the parking charges are scheduled to increase by 10% (ten percent) effective June 1, 2015. Reserved parking spaces will increase by $8.80 per month, from $88.04 to $96.84 per month. Regular parking spaces will increase by $6.62 per month, from $66.24 to $72.86 per month. In accordance with HCR regulations, shareholders have a right to submit comments and protests to the HCR or Riverbay Corporation until May 19,
(Continued on page 4)
2015. Comments addressed to HCR should be sent to NYS HCR, Attention: George Chan, 25 Beaver Street, New York, NY 10004. Riverbay’s should be sent to Riverbay Corporation, Attention: Parking Charge Comments, 2049 Bartow Avenue, Bronx, NY 10475. The reason for the increase is for Riverbay Corporation to meet its financial obligations and operating expenses based of the adopted F15/16 and F16/17 Budgets. (See page 2 for a complete listing of parking charges.)
Final Candidates’ Forum Monday in Einstein Center Election Incentive being offered; Vote for chance to win $100
BY ROZAAN BOONE
Shareholders of the Riverbay Corporation who have not yet attended either of the two previous official Candidates’ Forums for the 2015 Riverbay Board of Directors election — which will be held on Wednesday, May 20 — will have one final chance when the third forum is held this Monday, May 11 in Room 45 of the Einstein Center. The forum will begin promptly at 7:30 p.m. and all 9 of the candidates
running in this year’s Board election have been invited to attend. Those candidates who cannot attend on Monday, may provide the Election Committee with a reason why and, with the permission of the candidate, the Chair of the Election Committee, Director Andrea Leslie, may announce that reason to the attendees of the forum. Shareholders who would like to ask (Continued on page 2)