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The Riverbay Board proposed Recommendation to Wells Fargo, HUD and DHCR
© Copyright 2015 Co-op City Times
Vol. 50 No. 40
Saturday, October 10, 2015
Riverbay submits management proposal to supervisory agencies BY ROZAAN BOONE
Board President Cleve Taylor has submitted to Riverbay’s oversight agencies the corporation’s management proposal to ensure the ongoing and future management of the development will not only be professional and independent, but will have substantive oversight and reporting requirements in place. The submission of the management proposal came on the heels of a longanticipated meeting among Riverbay and the lender and guarantors of the community’s $621M loan – Wells Fargo bank, the US Department of Housing and Urban Development (HUD), the New York State Division of Homes and Community Renewal (HCR), and New York City Housing
Development Corporation. “It was a very productive meeting,” said Board President Taylor. “We have some level of clarity now about what is expected and required of us and I’m hopeful that the bank, HUD, HCR and HDC, after meeting us face-to-face now understand our position and are willing to work with us going forward to make sure that Co-op City remains affordable housing which is operated in the most cost effective way by people who have a vested and long-standing interest in the welfare of the property. This is where we live.” The proposal submitted this week by Mr. Taylor supplements Riverbay’s
Open Shareholders’ Meeting on Wednesday (Continued on page 9)
Discuss future of management in Co-op City and implementation of financial controls
BY JIM ROBERTS
Board President Cleve Taylor has scheduled an Open Shareholders’ Meeting for Wednesday, October 14 at 7:30 p.m. at the Dreiser Auditorium to discuss the future of management in Co-op City and to introduce shareholders to the newly hired Internal Auditor. All shareholders are urged to attend. As is traditionally the case, shareholders who would like to meet with individual department directors to address specific concerns may do so between 6:30-7:30 p.m. Promptly at 7:30 p.m., the Board
meeting will commence with a 15minute presentation of the management proposal that was submitted to the community’s supervisory agencies (see pages 1, 4 & 5), followed by introduction and remarks from Riverbay’s new Internal Auditor, Ms. Averil M. JamesBonnette. The Gallery Session, where shareholders may express their opinions and/or comment on issues facing the community, will begin at 8 p.m. The meeting will be televised live for Co-op City residents on Channel (Continued on page 2)
New boiler to be delivered this weekend No parking and street closures will be in effect on Co-op City Blvd., Oct. 11 - Oct. 12 BY ROZAAN BOONE
The planned delivery of Co-op City’s new, 150-ton boiler which has been berthed at the Port of Newark for the past couple of weeks, will be delivered to the Co-op City power plant during the overnight hours tomorrow, Sunday, October 11 into Monday, October 12. This delivery was scheduled to take place last weekend, but due to the impending arrival of Hurricane Joaquim to the northeast coast, the New York City Department of Transportation (DOT)
cancelled the delivery as a precautionary measure. In preparation for tomorrow’s delivery of the boiler to the Co-op City power plant, there will be no parking on Co-op City Boulevard from 8 a.m. on Sunday, October 10, until 8 a.m. on Monday, October 12, along the southbound lane from the rear of Building 13 to the rear of Building 12 (right hand side), and on the north-bound side (left) of Co-op City Boulevard at the back (Continued on page 2)
25¢
Dear fellow sharewith large property President’s Message holders: experience. The I would like to housing company express my gratitude has the financial President for your continuing capacity to hire the support of the efforts talent we need. It that this new Board of may be sound advice to Directors has made over continue with our tradithe past 1½ years. As I tional course of business. move around our beautiOur scale and the law of ful community, you have diminishing returns show it extended your thank you’s is often cheaper to buy a to me and that have given long-term product than to me the strength to continue rent (i.e. General Manager my full-time job of reprevs. Managing Agent). senting you. The results are now startThe Board of Directors is coming to pay off, not only on our mitted to finding new Executive talBalance Sheet, but in continued propent and I will be recommending to the Board that we continue to dilierty improvements. The turn-around gently and carefully continue our is visible and has resulted in morale being elevated to an all-time high. recruiting efforts on a dual-course These measureable deliverables for Executive Managers and qualiare quantifiable, through our current fied managing agents who bring to Riverbay Corporation management the table qualified individuals at the model. The economies to scale here correct pricing level. The companies at Riverbay are so great that they dicthat we have interviewed proposed tate a long-term solution to advance to give us 2 or 3 onsite personnel for the Corporate Goal of Sustainability. $1,600,000, in addition to a 6% conRiverbay has an annual payroll of struction project management fee. $75,000,000, has been in business for (Continued on page 5) 50 years, and has existing managers
Cleve Taylor
Riverbay President presents management proposal to HUD, HCR, HDC & Wells Fargo
(The following letter detailing Riverybay’s proposed management has been sent by Board President Cleve Taylor to the commuity’s supervisory agencies. The letter is printed below in its entirety.)
October 6, 2015
Jaime Rubin Mark S. Colon New York State Homes and Community Renewal 25 Beaver Street New York, New York
Holly M. Leicht Stacy Schrager United States Department of Housing and Urban Development 26 Federal Plaza New York, New York 10007 Alan Wiener Wells Fargo Multi Family Capital 150 East 42nd Street 36th Floor New York, NY 10017
(Continued on page 4)