Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2014 Co-op City Times
Vol. 49 No. 32
New York State Business Statutes and Codes
Saturday, August 9, 2014
New backend Bay Plaza entrance a growing concern for Section 5
25¢
Dear fellow presenting you with President’s Message Shareholders, redacted sections of Please KNOW HCR regulations and that the new Board their interpretation. President of Directors will In my opinion, leavnot be bound by ing out key words the 19th century business and not presenting you with practices of the previous the full citation of the NYS Boards. We will be proacBSC (New York State Bustive in the management of iness Corporations Law) our property and start the is a disservice. The HCR turn around that previous regulations require that Boards could not conceptuthe Board of Directors alize. provides the management In the past, previous company with supervision. Boards did not provide the Considering our financial corporation with innovaposition, we must closely tive leadership and forsupervise Marion Scott ward thinking needed to Realty, Inc. until the combring us into the 21st century. Having petitive bidding process is completed. employees who cost the corporation The General order of Laws and $200,000 per year has to be looked at Regulations are: seriously from a needs basis. • NYS Business Corporate Law Riverbay Corp. has 1,100 employ• NYS Private Housing Finance Law ees; the loss of 2 or 3 employees will • NYS Rules and Regulations have little or no effect on operations • Corporate Certificate of Incorpparticularly on areas that do not oration affect the quality of service. In lieu of • Corporate Bylaws our poor cash position, this Board has • Corporate Resolutions taken measured actions to save the • Company Policy shareholders $400,000 that is in NYS Business Corporation Law conformity with New York State 701 says the “business of a corporation Corporate Law. Certain Board Directors have been (Continued on page 2)
Cleve Taylor
Community Board 10 officials John Marano, Ken Kearns and Martin Prince inspect the installation of a new entrance to the Bay Plaza shopping center which they feel will negatively impact on Section 5 traffic and P.S. 160 in the immediate future. The trio of leaders questioned how such a high impact entrance/exit could be constructed at the last minute before the opening of the massive Mall at Bay Plaza with no community notification or chance for community input. Photo by Bill Stuttig
An apparent new entrance and exit at the far northeast corner of the Bay Plaza property which meets the eastbound Bartow Avenue just before it enters Section Five, has become a growing concern for Section 5 residents and community leaders. The concern is obvious because if vehicles use the new access and egress point as an exit, drivers will have no choice but to proceed through Section 5 and its narrow streets, particularly BY BILL STUTTIG
Hutchinson River Parkway East, in order to exit the community and access one of the adjacent highways. Community Board 10 Chairperson and Co-op City resident Martin Prince visited the area yesterday along with CB 10’s District Manager Ken Kearns and former Chairperson John Marano. They invited the Co-op City Times to join them on their visit after the newspaper initially brought the issue to the
Co-op City young history makers feted at reception (Continued on page 4)
City Councilman Andy King joined with Riverbay Board Directors Francine Reva Jones, Evelyn Turner and Andrea Leslie at congratulating Ruth Edwards (center, holding book) and the students of her Building 18 Scholarship Incentive Awards Program for having their book, President Obama’s To Do List, chosen for display in the Smithsonian Institute’s National Portrait Gallery Library. The reception was held at the Baychester Library last Saturday. Photo by Alfred Lynch
A week that began with a bus trip to Washington, D.C. to view their celebrated book paying tribute to President Obama, President Obama’s To Do List, chosen to be displayed at the Smithsonian Institute’s National Portrait Gallery Library, culminated with a celebration and reception honoring the young authors who created the work five years ago.
Fifty-four Co-op City residents and supporters joined with Ruth Edwards, Founder and Director of the Building 18 Scholarship Incentive Program, and two of the book’s young authors last Monday, July 28, on a bus ride to Washington, D.C where the book was brought to the city’s African Art Museum where the large group of (Continued on page 5)
The new Mall at Bay Plaza to open Thursday After more than two years of construction and more than a decade of preparation and planning, the new Mall at Bay Plaza, New York City’s first enclosed fashion mall in over 40 years, officially opens on Thursday, August 14. A ribbon cutting ceremony will be held at the front doors of the new Mall beginning at 9:30 a.m. and then the doors to the new mall will be open to the public for the first time beginning at 10 a.m. Rendering of inside of new mall The ribbon-cutting ceremony is an invitation-only event, but the public is invited to view the cereretail space in the more than 25-yearmony and then be among the first to old shopping center established in 1988 enter and shop in the new 780,000 as a single strip mall, called the opening square foot mall as the doors are open of the new state-of-the-art mall the to the public for the first time ever. crowning achievement of his career, Sam Shalem, Chairman and CEO of during an interview with the Co-op City Prestige Properties and Development, Times this week. developers and managers of Bay Plaza (Continued on page 10) and its new mall, which doubles the BY BILL STUTTIG