Board Meeting Review, 7/12/2023

Apartment Downsizing Program

Our shareholders previously had the opportunity to downsize their apartment. However, can you bedownsize their apartment during 2022? Now, think, how is this possible when a lot of shareholders are paying their carrying charges late? Then, we have shareholders in housing court because they owe money on their carrying charges. So, do we have a problem in our community? Absolutely!

And, one problem is that lots of cooperators are not reading our newspaper on a weekly basis. Therefore, they’re losing money because they’re not taking advantage of the information that we publish. nancially just to stay in a large apartment—alone? Why would anyone want to receive a late notice from Riverbay? Why would anyone even consider spending a second in Housing Court? situation. Then, see how much money you can save on a monthly basis if you downsize your apartment. you. Okay, we must consider placing this apartment downsizing information into the monthly carrying charge envelopes.

Gas Turbine Control Systems Upgrade

We had a big discussion on upgrading a gas turbine control system for the power plant. Here are the facts: 1. This project, from Siemens Energy, was priced at $435,345.60 plus tax. 2. The resolution then required a 10 percent contingency fee of $43,534.56. Contingency fee? Yes, management wanted a 10 percent contingency fee, just in case something went wrong. Therefore, I asked: “Why?”

Then, I pointed to the hourly rates that they were going to pay their employees for this work. And, the regular pay and overtime pay numbers were hundreds of dollars per hour. Plus, they’re getting a very high allowance to cover basic issues per shift. So, I said that make off of this job. Therefore, do you think that they thought about several contingency issues? Absolutely! We were told that only Siemens Energy could do this upgrade. And, that they could walk off the job if we they’re going to make $435,345.60 just for upgrading this gas turbine. Therefore, based on their employee payments, do you think that a ten percent contingency fee should have been placed onto this resolution?

Former Board Director Jacqueline Smith

Jacqueline Smith resigned as a board director on the evening of this board meeting. Thereafter, a prior resolution to remove her from her board position was withdrawn.

On June 14, 2023, eight directors voted to stop the board election. Thereafter, some directors expressed their anger during this meeting. Then, the “n” word came up during this meeting. And, as mentioned before, there were some outbursts at our prior meetings.

Bottom line: How do you feel about this election being stopped?

Close

I want to encourage our shareholders to please go online and apply for the STAR program. Then, if necessary, our seniors should consider downsizing their apartment.

Thank you.

Contact Information

Please send a letter to: Board Director Daryl Johnson, Riverbay Corporation, 2049 Bartow Avenue, Bronx, NY 10475. Currently, here is my ONLY email account: djohnson@riverbayboard.com

Therefore, please do not respond to any message, with my name on it, that requests money, money transfers, gift cards, personal information, or anything from you. And, please do not ever send money or anything to anyone because you saw my name on a false message.

Also, please call me ONLY at 718-671-4544 if you would like to have a brief discussion with me. And, please hang up your phone immediately if someone calls you and says that they’re Daryl Johnson or is associated with me and asks you for money or anything else.

Okay, that’s it for now. So, please have a wonderful week. And, may God bless you and your family. Thank you.