Co-op City Times 12/30/2023

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We wish our readers a happy, healthy and prosperous New Year!

Vol. 58 No. 52

Saturday, December 30, 2023

$1.25

Senator Bailey, Assemblymember Benedetto Co-op City Stakeholders Urged to Attend Jan. 4th Hearing on Cannabis Celebrate Signing of New Legislation to Ban Digital Billboards Near Mitchell-Lama Housing Retail Dispensary at Peartree Mall BY ROZAAN BOONE

Co-op City shareholders are encouraged to attend the public hearing scheduled by Community Board #10 to hear from local residents on Mello Tymes’ application for a cannabis retail dispensary proposed for the building located at 675 Co-op City Boulevard in the Peartree Mall. The hearing will take place at 7 p.m. on Thursday, January 4, in Room 31 of the Bartow Center. This is an in-person hearing and no virtual/remote access is available. “Our public speaking portion will be 30 minutes,” said Matthew Cruz, District Manager of CB #10. “You must sign-up at the beginning of the meeting to be able to speak. Each registered member of the public will receive up to three (3) minutes to address our Board members.” Cruz went on to thank Co-op City homeowners who have already submitted comments and opinions to the executive board of CB #10 by calling the board at (718) 892-1161; emailing BX10@cb.nyc.gov; and on Social Media at Facebook: @BronxCommunityBoard10, Twitter: @BronxCB10, and Instagram: @BronxCB10. He emphasized: “To be clear, Bronx Community Board 10 will issue an advisory opinion. Whether Bronx Community Board 10 votes in favor or to oppose, the State Office of Cannabis Management makes the final determination.” (Continued on page 2)

Deferred Equity Program for New Shareholders to be Discontinued Jan. 1, 2024

CCPD Annual Toy Drive A Huge Success!

BY ROZAAN BOONE

Effective January 1, 2024, and pending approval from the New York State Division of Housing and Community Renewal (HCR), the Deferred Equity Program which has allowed incoming shareholders since 2013 to put down 35% of the equity purchase requirement at closing on Co-op City apartments and pay the balance over a 7-year period at a 5% interest rate, will no longer be available. The Riverbay Board voted on Resolution 23-66 at the December 20, 2023 Business meeting to discontinue the program. Although Riverbay Corporation will no longer extend the program to incoming shareholders, existing purchase notes under the Deferred Equity Program shall remain in full effect but will not be extended or renewed without the consent of the Board. Resolution 23-66 states: “Whereas, the Board has carefully examined the effectiveness, impact, and continued relevance of the Deferred Equity Program, taking into consideration the financial health and cash flow needs of the Corporation, the substantial demand for affordable apartments, and the availability of private financing; and “Whereas, after careful consideration, the Board has determined that the Riverbay funded Deferred Equity Program no longer serves the best interests of the Corporation or its shareholders; “Now, therefore, be it resolved that the Deferred Equity Program currently funded and administered by the Corporation is, subject to the consent (Continued on page 5)

On Thursday, December 28, Senator Jamaal T. Bailey and Assemblymember Michael Benedetto announced the signing of legislation aimed at protecting residents near Mitchell-Lama housing from the adverse effects of digital billboards. The new law, S1931B/A7456A, prohibits digital billboards or signs using flashing, intermitCo-op City residents have tent, or moving lights, within fifteen hundred feet protested electronic billboards of Mitchell-Lama housing with no fewer than ten at 500 Baychester Avenue thousand units in cities with a population of one since 2018. million or more. Local legislation, Res 0797-2023, was introduced in September 2023 by Council Member Kevin C. Riley in the New York City Council. The legislation addresses the challenges faced by communities like Co-op City where lighting from large electronic billboards has posed serious concerns to the quality of life of residents. Local residents and community members in Co-op City have long opposed the operation of the digital billboards and rallied against the installation of new billboards. The operation of digital billboards has proven to be detrimental in particular to the well-being and safety of vulnerable populations. Co-op City is home to the nation’s largest Naturally Occurring Retirement Community (NORC), including a significant senior population. High-intensity lighting emitted by digital billboards has been linked to various health problems, including headaches, eye strain, fatigue, and disrupted sleep patterns. Residents have reported difficulties in focusing, sleeping, and normal daily activities caused by the intense illumination of ultrabright LEDs over prolonged periods. Content displayed on the billboards, including alcohol-related and provocative advertisements, has raised serious concerns given the billboards’ proximity to an education complex comprising six campus buildings serving students from elementary to high school levels. “Businesses should not be able to profit off Photo by Det. S. Grosvenor of our communities while putting our health and safety at risk,” said Senator Bailey. “Our residents deserve to live in a safe and healthy environment. Exposure to excessively bright billboards and constant high-intensity lighting from billboards have

See page 12 for more

HCR Carrying Charge Increase Comment Deadline

Shareholders who wish to submit written comments to the New York State Division of Housing and Community Renewal (DHCR) on Riverbay’s application for a proposed 2.1% carrying charge increase scheduled for implementation effective April 1, 2024, may do so on or before January 29, 2024. Written comments can be emailed to George.simon@hcr.ny.gov or mailed to George Simon, Office of Integrated Housing Management, Division of Housing and Community Renewal, 641 Lexington Avenue, 4th Fl. East, New York, NY 10022. A virtual carrying charge conference via Webex between HCR representatives and Co-op City shareholders will take place on Tuesday, January 30, 2024 at 7 p.m. This conference can be attended by shareholders, their representatives and representatives of Riverbay Corporation. More details on how to log in/dial in to the conference will be forthcoming.

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CCTimes Deadline Notice for Next Week Riverbay offices will be closed for New Year’s Day on Monday, Jan. 1, 2024. Because of the holiday-shortened work week, articles, letters and Directors’ viewpoints submitted for publication in the Saturday, Jan. 6th issue must be received by 9 a.m. on Tuesday, Jan. 2. Material received after this time will not be included in the January 6th issue of the newspaper. For emergency Maintenance, please call (718) 320-3300, select option 2. For CCPD, call (718) 671-3050; and NYPD, 911. Be safe in your celebrations!


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