Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2015 Co-op City Times
Vol. 50 No. 41
New power plant boiler has been delivered! The new, 150-ton high pressure boiler for the Co-op City cogeneration plant, which has spent the last month and a half at sea was finally delivered to the plant on Co-op City Boulevard early Monday morning, October 12, a momentous occasion in the history of the development. This piece of equipment replaces an original boiler that was installed more than 40 years ago when the plant was first built. Its expected lifespan is another 40 years, according to Riverbay’s power plant consultant, Mr. Bill May. It will produce 300,000 pounds of processed steam per hour to drive the cogeneration plant’s turbines that make electricity for the community. “Watching the final stages of the delivery was an awesome sight to behold,” said Noel Ellison, Riverbay’s interim General Manager. “Seeing the barge coming with those large pieces of equipment, to be BY ROZAAN BOONE
(Continued on page 4)
After a year-long trial by fire, Riverbay’s interim self-management team has made a strong case for its ability to run the $200 million housing company, with a long list of accomplishments and big plans for the immediate future. (See related
The barge carrying the new boiler and steam drum makes its way past Goose Island along the Hutchinson River on route from the Port of New Jersey to the DOT bulkhead behind Peartree. Photo by John Hunter
Beginning on Tuesday, October 20, the Riverbay Scheduling Office will stay open until 7 p.m. on Tuesdays and Thursdays to give shareholders who work outside the community the chance to come in with their rental requests outside of normal business hours. The Scheduling staff has agreed to adjust their hours so this service comes at no additional cost to shareholders. The Scheduling Office is located in Room S in the Bartow Center (formerly the Window Guard office).
Management reports more than $4.6M in income & cost savings being realized through various programs Riverbay’s interim management team reported to the Board of Directors this week on three areas where significant cost savings and additional income streams are being realized, namely, the power plant’s ability to be independent of Con Ed, energy costs and water savings. In a memo to the Board dated October 13, 2015, Riverbay interim General Manager Noel Ellison and Director of Finance Peter Merola jointly explained that as a result of the Riverbay power plant’s demonstrated ability this past summer to reduce its reliability on Con Ed’s equipment, Riverbay will most likely receive approximately $66,000 each month for the period starting November 1, 2015 to October 31, 2016, based on historical
25¢
BY JIM ROBERTS
Riverbay Scheduling Office to offer extended hours
BY ROZAAN BOONE
Board awaits HUD decision on self-management proposal
Saturday, October 17, 2015
payments, resulting in an additional income stream of $800,000 for the year. According to the memo, Riverbay’s energy consultants, Energy Spectrum, Inc. & Great Eastern Energy, Inc., worked hard alongside other entities to push the New York Public Service Commission to establish this program whereby cogeneration facilities – such as the Co-op City cogeneration plant – charged with paying exorbitant standby costs to Con Ed, would have the opportunity to reduce those charges if they could demonstrate their equipment’s reliability to stand alone and not have to depend on Con Ed’s equipment for their production of electricity. “Preliminary results of this past (Continued on page 6)
article below.) Now, the Riverbay Board of Directors, led by Board President Cleve Taylor, awaits a decision by its lenders – HUD, Wells Fargo and HCR – whether or not their proposal (Continued on page 2)
Speaking at the Open Board Meeting on Oct. 14 at Dreiser Auditorium, Riverbay Board President Cleve Taylor discusses the self-management proposal that was submitted to HUD, Wells Fargo and the New York State HCR for their review. Photo by Jim Roberts
Change of venue
Street renaming in honor of Mr. Milton Alexander
The street renaming ceremony in honor of Mr. Milton Alexander, the beloved, late founder of the Co-op City Tennis Club, scheduled for today, Saturday, October 17, at 11 a.m. at the west intersection of Asch Loop and Bartow Avenue, has been moved indoors because of the chilly temperatures. The ceremony will now be held in Room 31 of the Bartow Community Center. All are invited to celebrate the rich legacy of Mr. Alexander.
A year of accomplishments, ambitious plans for the future
legionella with no loss of life; settled As the first anniversary of self-man(Continued on page 13) agement approaches, Riverbay’s management team and its more than 1,000 employees can look back on a year of accomplishments, and forward toward a long list of ambitious projects that will continue to improve life for Co-op City’s shareholders and residents. Interim General Manager Noel Ellison and Director of Finance Peter Merola have led Riverbay through many challenges since taking over from Marion Scott Real Estate, Inc. Riverbay construction workers continue to complete at the plaza behind the Bartow Community last November. Over the past repairs Center and Administrative offices. Work is ongoing year, Riverbay has success- at all three community centers and shopping areas. Photo by Jim Roberts fully handled an outbreak of BY JIM ROBERTS