Co-op City Times 02/06/10

Page 1

Riverbay Financial Statement: See pages 20-25

Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2010 Co-op City Times

Vol. 45 No. 6

Saturday, February 6, 2010

HUD close to approving loan program for co-ops and condos like Co-op City BY ROZAAN BOONE Riverbay’s management has been notified by representatives at Wachovia, the company exploring the community’s refinancing options through federal programs that the U.S. Department of Housing and Urban Development (HUD) in Washington is close to approving a complete revision of the agency’s program/protocol for 223f loan guaranties for co-ops and condos nationwide which will allow developments such as Co-op City to take advantage of low interest rates. In correspondence to Herbert Freeman, principal of Marion Scott Real Estate, Inc., Riverbay’s managing agent, the Managing

Director of Wachovia-Real Estate Capital Markets, Matthew Wiener, stated that the 223f Co-op Program is “currently in final approval stages within the HUD Multifamily Department.” Once the revisions are approved, it will then proceed through HUD Department wide clearance before being put before the commissioner who will sign/authorize the announcement of the formal program. “Best case timing, I was told is 6 weeks,” wrote Wiener. “Most likely 810 weeks. This puts us at an approval (Continued on page 4)

Open Board meeting to be held on Wednesday at Bartow Community Center BY ROZAAN BOONE The first Open Board meeting of the new year has been scheduled for next Wednesday, February 10, in Room 31of the Bartow Community Center where, in addition to shareholders seeing the Board at work first-hand, will also receive an update on the community’s historic cogeneration project. William May, a distinguished independent energy engineering consultant with more than 30 years experience, who has been overseeing the Riverbay co-generation project, will give a report on the progress of the program. May was hired to oversee the cogeneration plant’s commissioning process and to ensure that all obstacles are efficiently navigated so as to decrease the chances of further delays in the plant going online. “This project was nothing short of visionary,” May told the Co-op City Times this week, “but its execution was poor. We are trying to amend that now and we now are completing those final

25¢

Cogeneration update: no Fresh Meadow, no problem BY BILL STUTTIG Approximately three weeks after the removal of Fresh Meadow Mechanical Corp from any active on site involvement in the completion of Riverbay’s co-generation plant, the plant is now providing power to the community at its most abundant and consistent rate. According to Bill May, the project’s chief energy consultant, charged with now overseeing and coordinating the completion and commissioning of the plant, the cogeneration plant is providing for a majority of the community’s power needs around the clock, 24 hours a day. As of this Friday, February 5th, the plant has increased its around-the-clock output to the community, from 12.5 megawatts, roughly half of the community’s maximum power needs, to

approximately 16 megawatts, enough to supply the entire community with its power output during non-peak hours. May said that since January 15th, the day after Fresh Meadow was removed from the project by virtue of a unanimous vote by the Riverbay Board of Directors on the evening of January 13th, the plant began producing power at its most consistent rate since the testing of the plant’s many components began in the middle of 2008. Since January 15th, May said the plant has been producing 12.5 megawatts of power, or approximately half of the community’s peak or maximum power needs, 24 hours a day. May added that the preliminary short term timetable is for final tests, including emissions testing for standards (Continued on page 2)

steps of execution… We are working principally around the clock to commission the plant and in my opinion, the only way that we can be successful is to have a continuous commissioning operation. (Continued on page 4)

Management and administrative perfect attendees honored … Riverbay General Manager Vernon Cooper and Human Resources Director Colette Ragin, during a luncheon last Friday, personally thanked and honored employees from Management, Administration and Public Safety who worked throughout 2009 without once calling in sick. They were: Alberta Abrams, Mary Ahland, Pamela Apollo, Frank Apollo, Katherine Bell, Francine Berkowitz, Ismael Bermudez, David A. Best, Pedro Jose Bisono, Amaryllis Bizardi, Eunice M. Braithwaite, Lance Bronstein, Oswald S. Brown, Chris Bulat, Ronald Caesar, Marlece CalderonChiaramida, Hugo Castillo, Sherron L. Clarke, Raymond Cooper, Josue Coronel, Nancy Ann Cosgrove, Jose A. Cruz, Heriberto Diaz, Kenneth Duchnowski, Raymond J. Duran, Margaret Echevarria, Noel A. Ellison, Joyce Alto Epps, Jessica Felice, Tony D. Ford, Lenya Garcia, Steve H. Gold, Shanae L. Griffin, Stephen P. Hehir, Arnold Hughes, Nurissa James-Cox, Theodore J. Jefferson, Toma Kastrati, James Keappock, Kevin J. Keenan, Raymond F. Kenny, Tamira King, Aleksandar Knezevic, Leka Kocovic, Vasilj Kocovic, Lynn S. Krantz, Luis A. Lopez, Louis Loscalzo Jr., Michael Mabry, Anginet Martinez, Alisa McCluney, Peter Merola, Barbara V. Middleton, Peter P. Miranda, Michael J. Munns, Trenise Myrie, John Nilsen, Lester Obryan, Carmelo Perez, Jose Perez, Joseph Persuad, Hubert Phillip, Rosalind Pierce, Shona Pinnock, Donovan Plummer, Alan Poretsky, Linda Pujols, Julio C. Ramirez, Anthony Rasulo, Daniel Rivera, David Rodriguez, Wilmer Rodriguez, Hector Rosario, Pedro Rosario, Carolyn Roselli, Louis Salegna, Richard W. Schmidt, Ruben K. Sedo, Carolyn Sinkler, Mohamed Suleman, Moharaney Suleman, Lorna Thomas, Andrea Tuberman, Kim Marie Umstead, Aracelis Vega, Alberto Velasquez, Kirk Williams, Linda Elaine Williams, Carl Wright, Paul Zadrima and Liviu Zalman. Photo by Mary Ann Sowah


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
Co-op City Times 02/06/10 by Co-op City Times - Issuu