SynoPSiS oF cooPeraTor’S SeSSion

- For FeBruary 27, 2023 Board Meeting

Chair Dr. Althea Hicks opened the cooperator’s session at 7:08PM.

Question: If a cooperator has mailed off his or her SCREE application may he or she pay the former amount of carrying charge prior to the February 1, 2023 increase, pending approval of the application?

Response: I will take down notes and have someone reach out to you and when we receive an answer we will make sure that it is posted in the paper as well as on-line.

Question: What is the status of the receipt of the building that was promised in that development transaction on Baisley Boulevard and what measures are being put in place, so that the receivership can be taken -- can be expedited without a great deal of problems? This is a question that I posed to Herb Freedman, at least twice a year for the last five years and I posed this question simply because this is a property that has left the possibility of millions of dollars on the table through tax credit sales to investors, because I am sure that the developer has exhausted the existing tax credit time line of ten years and if they were to turn it over to the corporation, and I do know that the language requires that a not-for-profit organization handle those monies, but there are issues that can be dealt with that allow for those monies to then be placed over to the corporation. Where are we with that and what preliminary actions have been met in terms of researching the possibilities?

Response: I don’t have my notes in front of me, the time frame is up next year, so there is still time and money has not been lost yet as far as the time being exhausted and us not acting. So there is one property that comes back to us next year and there is a second parcel that comes back a couple of years later. I know that the Board has taken some action with regard to this in hiring an additional firm specifically to address the receivership of the Baisley properties and how that will be handled

Question: Could you give some insight as to the end of the term of the lease for Bargold? How much do you receive in revenues from Bargold annually, pursuant to the lease? While you look that up, it would be appreciated if the agenda that is provided to shareholders would have some reflection of exactly what is going to be discussed on the agenda items, possibly the motions that will be discussed, so that we can inspire more participation from shareholders based on those particular topics; just a suggestion.

Response: Noted. The Bargold lease I thought that I brought it with me. It is right in my office there. What I will do while the other questions are being answered by Mr. Rodriguez, I will just run to my office and grab them, okay, and we can answer them at the end if that’s okay with you.

Question: Yes, if you can just type it. I don’t know if this has chat capabilities. Okay, so you can send it to me in a personal chat, just for my record.

Response: According to the resolution passed in 2013, the Bargold is a fifteen-year lease and Rochdale receives twenty-five percent of the revenue as a servicing fee.

Question: Is there an anticipated time resolution of the issue with the February 2023 carrying charges not being posted? We have just received our carrying charge bill with a double charge.

Response: We had the rent conference that was held in January. We had subsequent meetings and the door to door was sent out as per the state with regard to what the increase would be and at the rent conference hearing they said that as long as the Commissioner signed within five days of the first it would be applied on the first, but if you are having an issue with the payment you should contact the management office immediately so that we can look into the matter. You shouldn’t be double billed. That shouldn’t be occurring.

Question: When will the Pavilion be available for the cooperators for utiliza- tion, like for birthday parties or weddings and what would be the cost of it?

Response: We are in the preliminary stages of getting all the rental rates together right now. What we plan to do is try to open by Memorial Day, May 29th this year and we plan to run it through Labor Day, so it will be open from May to September. We don’t have all of the rates available yet. We do have some things that we want to present to the Board before anything is finalized, but some of the ideas that we do have are for two-hour sessions for just wedding events and photography photos, a rental rate for that. A twohour session for somebody who rents the ballroom and they want to add the Pavillion as an addition to the ballroom, we are going to have a rental rate for that. We will have a rental rate for a time where you can have an event in the Pavilion alone that will run anywhere from two to five hours. We will want to close that area by 9:30 in the evening, so we are not disturbing other cooperators and we are working on a rental rate for that as well.

Question: Can the carrying charge statement be mailed out at least a week before the rent is due, because it has been going out late?

Response: We will look into that. Typically, we do get them out a week before, but I will look into what occurred this past month. I believe it went out a week before but I will look into our records and make sure that that occurs.

Question: The clarifying question earlier about the carrying charges and the timing. Our carrying charges were paid in a timely manner. We have been informed that there is a problem with the processing center and that no late charges will be applied. I was personally asked not to stop my check because management was aware of the problem. We have also received e-mails, texts and hard copy notification. We are not asking about the increase, but the fact that the carrying charges for February 2023 have not been applied to our accounts.

Response: Citibank is who we bank with and they have a lock box that is out of state and they had some -- I guess it’s -- the lock box is actually located in Texas. There were weather issues in Texas that have affected the handling of, not just our receipts but others. We have been in contact – in constant contact with them with regard to this because we would like to be able to post these funds as they are needed to run the corporation and we do not like to inconvenience our shareholders, so we will keep you posted.

Question: Why are the Maintenance and Public Safety meetings constantly cancelled?

Response: Security was cancelled last month due to a personal condition that I had but Security and Maintenance -- well, Security and Community Center meets every month. The Maintenance Committee Meeting was cancelled for the month of February due to the Board having to meet with additional concerns that we had to address, but for this coming March we will resume the regularly scheduled meetings.

Question: Will the City or Rochdale perform an updated testing on the Legionnaire issue in Building 6.

Response: That is still ongoing. We have a firm that still does testing biweekly. Actually they are testing for temperatures and to make sure that everything is circulating properly. Just to be absolutely clear, we are no longer under the constraints of Legionnaires because we were cleared by the Department of Health. After you are cleared you still have to have a third-party test the system, so that testing still is on going but we are clear of Legionnaires in Building 6.

Question: When will the community rooms in the buildings be able to be rented again?