Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2013 Co-op City Times
Vol. 48 No. 13
Saturday, March 30, 2013
Spending up slightly next year, remains flat in second year of new budget BY JIM ROBERTS The Riverbay Board of Directors has approved operating budgets for the next two years that will increase spending modestly in the first year and then maintain spending levels in the second year. Board Directors approved Resolution #13-20 at the March 13th meeting that sets the Riverbay budgets for the fiscal years 2013/14 and 2014/15. The two-year budget will set the operations spending for Co-op City through March 31, 2015. The approved budget increases operations spending next year by $6.6 million or about 3.3%, over the current fiscal year. For the second year of the new budget, spending actually decreases slightly by $500,000 in the 2014/15 fiscal year. Total spending in the upcoming 2013/14 fiscal year is budgeted for
$205.09 million. The next year, the total operating budget would drop to $204.59 million. Total operating spending for the current 2012/13 fiscal year is now projected to reach $199.94 million. The budgets for the next two years are scheduled to include a carrying charge increase of just 1% in the first year and will take effect on Oct. 1 of this year. There would be no carrying charge increase in the second year, 2014. The proposed carrying charge increases must still be reviewed and approved by the state Housing and Community Renewal Department before they can be put into effect. Co-op City shareholders will be given the opportunity to speak about the proposed carrying charge increases at a hearing the state HCR will conduct before (Continued on page 2)
Electrical shut-down in Building 24 this Wednesday Electricity to Building 24 will be shutdown on Wednesday, April 3, between the hours of 11 a.m. and 1 p.m. This shutdown is necessary because of a transformer failure in Building 10 last week, which also requires work to be done in Building 24. In order to perform this work, all electrical power has to be shut off in Building 24. The work with take approximately 2 hours to complete, and it is hoped that
power will be restored by 1 p.m. During the shutdown, there will be no elevator service and the laundry rooms will be closed until 2 p.m. Public Safety will be onsite, as will the elevator contractor, VerTech. We apologize for the inconvenience and appreciate your understanding as we work to restore power as soon as possible to the building. —P ower P la n t
Petition period ends Monday; Seventeen shareholders picked up petitions for 2013 Riverbay Board Election BY ROZAAN BOONE As of Friday, March 30, seventeen shareholders had picked up qualifying petitions indicating their intention to run for a seat on the 2013 Riverbay Board of Directors. The deadline to return all signed petitions is 5 p.m. this Monday, April 1. The Riverbay Board of Directors election will be held on Wednesday, May 22. Shareholders will vote to fill five seats on the Riverbay Board as the terms of Directors Helen Atkins, Bernard Cylich, Andrea Leslie, Evelyn Santiago and Raymond Tirado are expiring. There will be one vote per unit by residents who are shareholders of record as of April 1, 2013. All five of the incumbent Board Directors — Helen Atkins, Bernard Cylich, Andrea Leslie, Evelyn Santiago and Raymond Tirado — have picked up their petition packages. Twelve other shareholders, some of whom have served on the Riverbay Board before, some who have run for the Board in previous years, and some who are running for the first time, also picked up petitions since they became available on
Eligible Co-op City shareholders to share $1.1M in STAR Tax credits BY ROZAAN BOONE The New York City Department of Finance notified the Riverbay Corporation last week that it will receive approximately $1,121,965 in New York State School Tax Relief (STAR) Property Tax Exemptions which will be shared among those who applied for the tax year 2012/2013. In total, out of Co-op City’s 15,372 apartments, 8,714 received the credit which amounts to $1,121,965 for Basic or Enhanced STAR. The credit for Basic STAR is $99.28 per apartment and for Enhanced STAR, $206.04. “These are a one-time credit provided to Riverbay for tax year 2012/2013 and Riverbay, in turn, passes the credit on to the eligible shareholders,” said Peter Merola, Riverbay’s Director of Finance.
Quinn to the Co-op City community at Thursday’s townhall meeting. Photo by Bill Stuttig
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Monday, March 18. They include Charles Phipps, Emanuel Armfield, Frank Belcher, William Craft, William Gordon, Amrendra Singh, Kevin Lambright, Sebastian Ulanga, Emmanuel Torres, Cynthia Isales, Kermit Saltus and Leslie Peterson. Any shareholder in good financial standing can run for a three-year term on the Board. Seventy-five valid cooperators’ signatures are needed on candidates’ petitions in order for them to qualify to run for the Board. After the petitions are returned on Monday, April 1, the signatures on each candidate’s petitions will be certified against the signatures of shareholders of record of each apartment on the petitions. Mary Ahland, Riverbay’s Director of Riverbay’s Computer Services Department, explained that her office enlists the assistance of a group of Riverbay employees who are not residents of Co-op City to check the signatures on the petitions against the signature database, which is maintained by the Riverbay Residential Sales Department, for every shareholder who (Continued on page 4)
Elected officials to residents: We are working for you BY BILL STUTTIG At a townhall meeting in the Dreiser Auditorium on Thursday, March 28, elected officials representing Co-op City spoke and then took a limited number of questions from shareholders through which they addressed several issues facing the community from local needs to national issues which are hitting home.
“The STAR credits were posted to the eligible shareholders’ accounts and will appear on their April, 2013 carrying charge monthly statements which have already been mailed.” Basic STAR is available to any owner of a house, cooperative apartment, condominium or other property that they live in or use as their primary residence. There is no age limit to receive Basic STAR, however, beginning July 1, 2011, the annual adjusted gross income of the owner(s) must be $500,000 or less. Previously, there was no income limit. On the other hand, to be eligible for Enhanced STAR, the property owner(s) must be age 65 or older as of December 31 of the exemption year and have a total
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City Councilman Andy King moderated the 90-minue long meeting, which was preceded by coffee and cake made available to all attendees. King gave each of the elected officials in attendance a chance to give a brief presentation on their recent work on behalf of Co-op City. Unfortunately, the presentations, some of which went on for several minutes, left little time for residents to ask questions directly to the officials as only six questions were taken from the audience before the scheduled noon time end of the meeting. But nevertheless, residents did hear fresh information on a number of specific issues facing the community, including efforts to fight the MTA’s Co-op City bus route cuts, the fight for increased funding for senior and youth programs, ongoing efforts to stop the community’s costly asbestos abatement requirements, and the efforts to bring a full service health care facility to the community. Riverbay Board President Helen Atkins introduced Speaker Quinn to the gathering of approximately 300 Co-op Riverbay Board President Helen Atkins (l.) City residents in the Dreiser auditorium, introduced City Council Speaker Christine and Quinn, in making her comments, (Continued on page 9)