Co-op City Times 10/22/16

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Board President Cleve Taylor officially resigns

Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2016 Co-op City Times

Vol. 51 No. 43

Saturday, October 22, 2016

Board to continue with new leadership

Cleve Taylor, serving his third and final consecutive term as president of the Riverbay Board of Directors, officially resigned his post yesterday, October 21, 2016. The 15-member Riverbay Board is now tasked with choosing a successor who will lead through to next June when a new executive board will be sworn in following the certification of the 2017 annual Riverbay Board of Directors election and swearing in of newly elected board members. In addition, the seventh place winner in last year’s election will be seated on this current board to fill the vacancy created by Mr. Taylor’s departure. That candidate is Kevin Lambright. In bidding farewell to the shareholders of the Riverbay Corporation, Mr. Taylor underscored the importance of them staying involved and participating in the oversight of their investment in the Co-op City development. (See Mr. Taylor’s letter to shareholders on page 2.) “To keep this multi-million dollar operation efficiently running, your continued involvement and support will be necessary,” stated Mr. Taylor. “…The Riverbay Corporation/Co-op City belongs to all of us and we must collectively take responsibility for our property.” Mr. Taylor also thanked shareholders for their strong support of his current 2½ year tenure as board president and also for the 5 years he previously served on the board. “It was your confidence in me that gave me the strength to lead our housing company to its recent successes and renewed spirit of cooperative living,” he said. In announcing his decision to resign two weeks ago, Mr. Taylor said that for the most part, he has accomplished the goals he established when he ran for election to the board two and a half years ago. He noted that he was especially proud that his work resulted in restoration of fiscal integrity and transparency, and implementation BY ROZAAN BOONE

(Continued on page 4)

CCPD seeking information on Dreiser stabbing The Public Safety Detective Unit and the 45th Precinct Detective Unit are seeking the help of residents who might have witnessed or have information regarding the stabbing of a teenaged young man on Monday afternoon, October 17th, in the vicinity of the Dreiser Shopping Mall. Anyone with information can call Public Safety at 718-671-3050 or contact the NYPD tipline at 1-800-577-TIPS. All callers may remain anonymous.

Transformer overhaul A power plant main transformer which weighs approximately 45,000 pounds was hoisted three stories into the air above the power plant grounds on Tuesday afternoon and loaded onto a truck for transport to a facility which will overhaul the 48-year-old piece of equipment and then return it to the power plant after approximately four months. This transformer is the last of the four original transformers to be removed and reconditioned for increased efficiency. The transformers are used to either import power from the grid or export power to generate revenue for the community. Photo by Bill Stuttig

25¢

Board development conference this weekend

The Riverbay Board of Directors will convene this weekend for a two-day development conference led by experts in a variety of fields providing guidance to the community volunteers in their efforts to oversee the world’s largest cooperative development both financially and legally. Riverbay First Vice President Linda Berk explained this week: “When residents are elected to the Board, they are sworn in to provide fiduciary responsibility and oversight for a $225-million-dollar corporation with a value of $3.5 billion, in many cases with no prior board experience. Board directors volunteer as much as 20 hours a week for the betterment of the corporation, with very serious decisions to make for everyone. I commend my fellow board members for giving so much of themselves and shouldering critical decisions for all shareholders. I believe it is extremely responsible and wise to provide the required training (by HCR) and more, to make them better decision makers and stewards of this valuable property and corporation. Ms. Berk added: “The development training helps directors fulfill their responsibilities most effectively and efficiently which is essential to the financial viability of the community and to help avoid the mistakes that have plagued the community in the past which likely cost shareholders tens of millions of dollars. Development weekends like this are standard procedures for many corporations much smaller than Riverbay. Programs like this are not at all superfluous—as some contend—but rather essential for the future growth of the community. BY BILL STUTTIG

(Continued on page 2)

Barnes & Noble announces it is leaving Bay Plaza at year’s end Riverbay offers space in Bartow Mall

Barnes and Noble in Bay Plaza, the Bronx’s only large bookstore and a fixture in the Co-op City area since 1999 will be leaving Bay Plaza at the end of this year, according to a spokesman for the bookselling chain. David Deason, Vice President of Development at Barnes and Noble, said in a prepared statement: “Our Bay Plaza store in the Bronx will be closing at the end of 2016. We worked hard to extend our lease and had extensive discussions with the property owner in hopes of coming to an agreement. Though we BY BILL STUTTIG

(Continued on page 8)

State Supreme Court grants Riverbay’s motion to intervene in Article 78 Proceeding in MSI vs. DHCR State Supreme Court Justice Arthur F. Engoron granted Riverbay’s motion to intervene in the Article 78 Proceeding involving MSI vs. NYS DHCR yesterday, Friday, October 21, 2016 which will result in Riverbay joining that lawsuit so that a determination can be made concurrently on the effective date of Riverbay’s termination of Marion Scott Real Estate, Inc. (MSI). MSI filed an Article 78 Proceeding against the New York State Division of Homes and Community Renewal (DHCR) alleging that HCR’s president Mark Colon “…arbitrarily and capriciously retroactively (Continued on page 2) BY ROZAAN BOONE


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