Remaining Vigilant to Keep What is Ours

Everyone stumbles and falls, and what happens next determines recovery. Failing to reach a quorum after a 42-day voting period was not a new occurrence for us, but it hurts, nonetheless. Hosting annual elections and extending voting periods is expensive and discarding votes without counting them is wasteful.

As a point of comparison, the NYC 2023 Primary Election period was only ten days, including nine days of early voting and election day. NYC residents must travel to their polling place, while Co-op City shareholders have the choice to vote online or by mail.

Board directors who agree to create and vote on the policies that govern our community. The Board makes policy and protects the affordability of our community by minding our business and our budget. Voting in our annual election is the voice of the shareholder. Voting is how shareholders get their opinions heard. Choosing not to vote abdicates your voice and power.

This year’s voting period was May 1-May 26th, a week longer than last year’s voting period, which was May 1-May 20th. Despite adding a week to

Letters ––––– (Continued from page 6)

If one-third of eligible voters don’t vote... an adjourned meeting which shall be held within 20 days from the date of the meeting at which a quorum did not attend… 4

...an extension or a new election is held.

Section 4 (b) Voting on business transacted as part of a shareholders’ meeting ... Shall constitute attendance at such meeting. 5

Attendancemeans “voting” and vice versa.

Section 5. Voting (a) At all meetings of shareholders, all questions ... shall be determined by a vote of a majority of shareholders present ... except that voting for directors shall be plurality of those

Resolutions ––– (Continued from page 9)

Insurance Resolution #23-34

the voting period and then extending voting by 14 days until June 9th, a quorum was not achieved. Approximately 11,000 shareholders chose not to vote!

thing over and over and expecting a different result. To encourage election engagement, candidates have campaigned in writing, in person and distribachieving a quorum.

Failure to achieve a quorum means that the election is not valid and the votes cast are not counted. The current Board remains in place and continues for one more year. Based upon Riverbay Election Rules, the Board chose not to extend the voting period for a second time. This means that next year our elecFamilies fight and do not always agree with each other, but ultimately stick together. Our failed election was a stumble, but what we do next will determine our future. As a community, we have many priorities, but our ultimate goal is to maintain affordable housing for current and future shareholders. Shareholders have many opportunities to show-up: they may participate in open Board meetings, committees, and elections.

Let’s remember Co-op City is a private, desirable voting… 6

At all shareholder meetings, 50% plus one, of those present, wins, except for Board elections which require a plurality. Plurality means that the most votes wins, but only within the rules of the election. The rules regardingBoard elections state that one-third of eligible voters must vote to reach an election-validating quorum.

Which we did not accomplish.

So, unless 25% of eligible shareholders wish to force the issue, this election is over.

Where is it written? It’s in there.

––Mary Pearson

SUBMITTED BY: Monique Coleman & Kevin Lambright

SECONDED BY: Lynette Wright & Michelle Marbury

BOARD OF DIRECTORS MEETING: June 28, 2023

WHEREAS

Side “A” Excess Difference in Conditions (DIC) Policy both expire June 30, 2023; and

WHEREAS, the expiring Executive Blended Liability Policy ($5 Million Aggregate Limit for each policy) was with Federal Insurance Company (Chubb) for a premium of $346,755.00 and the expiring D&O Side “A” Excess DIC Policy (Single $5 Million Aggregate Limit) was with Argonaut Insurance Company for a premium of $66,484.00 for a total combined premium of $413,239.00; and

WHEREAS, the Director of Riverbay’s Risk Management, after instructing York International, Riverbay’s ommends placing the Executive Blended Liability Policy with Federal Insurance Company (Chubb) for a renewal premium of $290,295.00 and placing the D&O Side “A” Excess DIC Policy with Argonaut Insurance Company for a renewal premium of $55,600.00 for a combined total premium of $345,895.00, a premium decrease of $67,344.00 (16.30%) for the renewal policy period 6/30/23 to 6/30/24.

WHEREAS of interest as required by NY Business Corporation Law Section 713.

NOW, THEREFORE, BE IT RESOLVED, that the Board approves placing the Executive Blended Liability Policy with Federal Insurance Company (Chubb) for a renewal premium of $290,295.00 and placing the D&O Side “A” Excess DIC Policy with Argonaut Insurance Company for a renewal premium of

BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately.

YES: Coleman, Feliciano, Johnson, Lambright, Leslie, Marbury, Peterson, Richardson, Rosario, Sampson, Saunders, Smith, Watson, Wright

ABSENT: Cylich

PASSED community. Our most important asset is our property. Other communities like Starrett City and have led to their purchase by investors, endangering their future as affordable housing communilonger affordable and the NYC Rent Guidelines Board has mandated an increase for one- and twoyear rental leases making affordable housing less affordable. It is clear that the affordable housing stock is shrinking every day. Developers and other real estate professionals view our disengagement as an opportunity and we must remain vigilant to keep what is ours.

Like many, I am excited to be working with our new Executive General Manager, Marvin L. Walton, who comes to us with broad, deep property management experiences that will contribute to our success.

Our Co-op City family must remain strong, remember our higher purpose and do the work. We stumbled, but we can get up. Let’s remember Maya Angelou’s inspiring poem, “Still I Rise.” Get involved.

Have a Happy 4th of July and thank you for reading my viewpoint. I can be reached at mcoleman@ riverbayboard.com

B-Townhouse Terrace Covering

To the Editor:

June 20, 2023, CSO sent a letter to Broun Pl. B Townhouse residents regarding removal of “terrace covers.” At the June 13th Buildings and Grounds meeting, the CSO director promised to make contact if any inspection of Broun Place was scheduled. But this letter came as a surprise. Why this action was initiated is unknown. This distribution was the a problem. No complaint about our terrace had been received prior. The apartment was accepted with it in 1996. It insulates, provides privacy, reduces animals and insects and stuff blown, but was never considered decoration or an enhancement or covering. Mine is not the only unit with the webbing. If they were against regulations, why weren’t we reminded before our move-in in 1996?

Additionally, CSO never alerted us, long-time shareholders, of a problem or about enforcement of the terrace webbing that has been our protection for decades. Then these very strongly worded and threatening letters were generated.

So far, only Broun Place and Adler Place have gotten letters. Why haven’t the other clusters and high-rise apartments, where many shareholders letters? Why haven’t all B-townhouse residents gotten a letter? They too have added stuff to their terraces. Shouldn’t this be a community issue with the opportunity to offer amendments to the Occupancy Agreement? Why all of a sudden?

Years ago, terraces were renovated by Riverbay, no one said to remove the insulating webbing. Why weren’t we brought up to speed, reminding us this regulation is to be upheld? How can we be held responsible for something we didn’t install? Our “webbed tape” was there before 1996. No one advised us that the webbed tape around the terrace Agreement, Rules and Regulations.

Why weren’t we given the opportunity to discuss known, e.g., pigeon guards, making the space more livable for shareholders paying ½ more a room. This can’t be a done deal.

—Eva Kindaichi-Lazaar

Board ––– (Continued from page 5) tips, he could look into it but expressed some doubt that the size of the opening that goes into the riser can be increased, to which Director Rosario indicated that it can be done with a reducer, which Mr. Jakaj acknowledged, pointing out, however, that the goal is to make the condensate drain pan itself larger in volume so shareholders will have more buffer time to address the situation when the sensor goes off.

“That would make sense because you have about an inch right now and you’re probably going to get about 3 inches or more so that would help the situation,” Director Rosario observed. He also asked if the new units would result in any cost savings for the corporation and shareholders in that there would be no need current units?

Mr. Jakaj explained that the pressure capacity of the new coils exceed 200 psi which is well within the pressure range that Riverbay sends water out to the buildings.

Director Rosario also asked if the coil needs changing, if it can be isolated or if the entire unit has to be replaced? Management informed the Board that the answers to these questions would be forthcoming at the next meeting.

Mr. Walton reiterated that the 8,000 btu unit provided by the vendor for testing was a free, base model. The larger unit, 12,000 btu, will be where Management dressed. He also pointed out that the 8,000 btu base model being used in the current test would cost approximately $800-$900. Coils for the current convectors cost around $600 to replace. Mr. Walton cautioned that the $800-$900 for the 8,000 btu unit is the base cost, without any additions, and the cost would increase once want to continue to test it out,” he said. “When we receive the 12,000 btu unit, it’s going to have what we desire in it and then we’ll see what the cost is, and the cost could go up to $1,000, it could go up to $1,200. We’re not sure yet, but when we get to that point, … it would be nice if several of the Board members could visit with us and we’ll be happy to open up the model unit so you could see it. We’re not there yet, but we’re on our way.” size of the model apartment is a one-bedroom before asking how Management will compare a one bedroom with a three bedroom when installing a unit that draws

Director Rosario also asked about the weight of the new unit compared to the weight of the convectors currently in place.

Mr. Walton reminded the Board that the units are still in the testing phase. “Phase 1, we get thumbs up. Once we get to phase 2, then we get the 12,000, it works, then we’ll move to a larger apartment and do some of the same testing before we come back and say, hey, here’s a recommendation,” said Executive make the recommendation that we are only proposing at this point to just replace the unit in the living room in apartments. We are going to pilot this project with the units where the most frequent leaks have happened. They could be one-bedroom, two-bedrooms, three-bedrooms, and we’ll use those to test. We still don’t know whether we are going to make the suggestion to replace them all because the cost will drive up to replace all the convectors in apartments, or just concentrate on the living room and put it there because … we did do a study to see that most of the leaks are occurring in the living room so that was our rationale behind it to really focus on the living room if the cost goes too high. At least we’ll still have something but we’ll come back here. This is why we are keeping the dialogue open so we can talk and discuss and we’re going to make a combined decision based on all the data.”

Director Kevin Lambright expressed that in the past, there were problems getting certain parts to complete repairs on the current convectors installed in Co-op City homes. “The unit that we are getting now, are some of the parts going to be interchangeable in the future? Are they exclusive only to one particular company? Of, if there are repairs in the future or parts needed down the road, will our corporation be able to purchase from other companies or make some of the parts that will be needed like we have in the past?”

Mr. Walton said he will have an answer to this question at the Board’s July 12th meeting.

Board Director Leslie Peterson said that she asked a similar question at the Construction Committee meeting held the previous night. Nevertheless, directing her question to Assistant General Manager Warren Mitchell, she queried, “When they were talking about the sensors and changing of the valves, that we would prototype and put all the bells and whistles in the convector in the model apartment, is that accurate?”

Mr. Mitchell responded: “What we’re looking to do when it comes to that, … we were thinking about reverse engineering also because we don’t want to get bit different because Bernie [Board Director Cylich] had a valve on our existing as Marvin said, out to engineer this unit, it’s going to have that built in already.tion we’re going to give this manufacturing company. We need it to do this, we’re us to change the coil in that outlet, that’s what he was showing.”

Director Wright asked if at the next meeting, Management could provide a long-term view of what this project is looking like including phases, contingencies, metrics used to be able to determine when and how to move forward. Mr. Walton agreed that Directors will receive a blown out scope of the project with item #4 which, at this point, appears to be the most promising prospect among the systems being tested, he said. Director Wright said she was also interested in be added in the later phases.

Director Monique Coleman questioned how shareholders are going to pay for the convector project. “A lot of our discussion in the past have said that to replace our convector system would cost us $250M. How much are we projecting that this could cost our community and where are we going to get the money?” she inquired.

Mr. Walton offered: “It is a little premature for the question but I’ll tell you

Fargo and HUD will hold us to that money being spent on convectors unless we going to take to replace everyone’s convectors. Remember what I said, we’re in a test mode. The recommendation may come back that hey, we can’t do every single convector, but if our rationale works where we are able to reduce down the amount of humidity in the air by putting a better unit in the living room, then maybe we do one per apartment. Too early to call it because we don’t know how many convectors $42M will get us… But we have some time because again, this is not something Management is going to do in the dark. This is going to be something Management and the Board are partnering with along with the shareholders cause we’re going to keep them in the loop … especially if we get to that phase that it’s a go; everything has been a go thus far, we’ve got green lights…”

Director Michelle Marbury asked if additional hires are going to be made since Riverbay’s manpower is currently at a low level, and if they will be trained exclusively for this project?

“Not there yet; I can tell you this, the installation, … is about one and half days to install and we used that with the existing staff with no training,” stated Executive General Manager Walton. “However, to your point, if we get to that point where we make the decision here that we are going to replace 15,000 convectors, onements as well, then we would have enough data to make that determination but right now, we want to get the green light that this is going to work completely in our environment and once we get there, as she [Director Wright] stated she hasucation piece to the shareholders and on the inside, what are we going to do from a manpower perspective because if we get all green lights and it’s time to install, we have to develop a plan because that’s not something we can do overnight so I understand your point, … we’ll have it all itemized out the next time we meet.”

Moving on to the next item on the agenda, Board President Feliciano introduced Director Green-Watson who spearheaded the Ad Hoc In-Kind Committee of the Board also composed of Directors Cylich and Marbury, to look into In-tion and Board discussion can be viewed on the broadcast of the June 28th Board meeting on the Crawler beginning on Tuesday, July 4, along with the Board mem- cumbents were well aware that if one of them lost, it could possibly change the balance of power on the Board.

Congratulations to the Graduates – “Your whole life’s an education that has only just begun.” (Joanna Fuchs) Graduation is such a beautiful time for students and parents. One chapter of life ends and a new one begins. Now, it’s time to move forward. “You are the master of your fate, You are the captain of your soul.” (Amended from Invictus) Elections: Recently, I wrote the following expressing how dismayed I was with the recent Board vote that took place not to extend the Riverbay Board election. I do want to thank all those who did take the time to participate in the democratic process, I want to thank those who heeded our request urging you to vote and for friends and neighbors you may have contacted to vote. Please do not let this discourage you from exercising your civic duty going forward, but instead, use it as a catalyst to do better. Your vote does matter!

For the past couple of weeks, I have been reading various stories consisting of explanations, narratives, suppositions and numerous spins on the situation surrounding the recent Board Director Election. I believe the explanations are not resonating with the shareholders, consequently, going in another direction in an attempt to malign various policy decisions made by Directors while also making it appear that policies presented by Management that initiated improvements in the complex were decided by a certain group, and not collectively as a Board.

You will read variations and statements that ultimately incriminate the shareholders for not voting but what you haven’t heard is why, with fewer votes needed to reach quorum than in past extensions, the vote was stopped by eight Directors before a second extension. Where was the Directors’ as opposed to discarding money already spent on the election? By the way, this new process we are using to vote that appears to be burdensome to them now, was introduced by many of the eight Directors who voted to halt it now.

Public Retirees’ Medicare: The Retirees Organization is suggesting you contact your Council person to support the Retirees’ position and sign onto the Bill recently introduced by Councilman Charles Barron. There are currently 12 Council people who have signed on in support of the retirees. The Bill is a Local Law to amend the Administrative Code of the city of New York, in relation to protecting the health care choice of retired employees of the city of New York. If you agree, let your Council person know.

At the recent rally, the NYC Organization of Public Service Retirees with members of all different unions from all different agencies from all over the city of New York, called a press conference to announce they stand behind the Council people who support and are co-sponsors of the Bill –1099 Charles Barron introduced. The Bill introduced has two sentences. This bill would require the City to offer Medicare-eligible city retirees and their Medicare-eligible dependents at least one Medigap