Co-op City Times 11/06/10

Page 1

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

Vol. 45 No. 42

Saturday, November 6, 2010

45th Precinct and Public Safety increase garage patrols to try to stop car break-ins BY BILL STUTTIG Command, a strategy has been devised The 45th Precinct, working in tandem where precinct patrols will be increased, with Public Safety, has increased patrols in specifically inside each garage. The Captain the community’s garages in an attempt to said that precinct squad cars will patrol each stem an increase in car break-ins that have occurred in the community’s garages over (Continued on page 2) the past several weeks. Captain Russell Green, Commanding Officer of the 45th Precinct, speaking at a 45th Precinct Community Council meeting Thursday evening in the Bartow Community Center, said that following a joint meeting held earlier this week at the precinct stationhouse between himself, Chief Frank Apollo, detectives from Riverbay’s Public Safety Department and auto crime officers and experts Captain Russell Green, commander of the 45th Precinct, Co-op City residents regarding local crime and qualfrom the precinct and the addresses ity of life concerns at a meeting of the Precinct’s Community NYPD’s Bronx Borough Council Thursday evening. —Photo by Bill Stuttig

Local incumbents win big on Election Day BY BILL STUTTIG On an Election Day that will go down in history as producing one of the nation’s largest Congressional turnarounds ever, everything remained status quo for Co-op City’s three major long-standing legislative representatives. U.S. Congressman Joe Crowley, State Senator Ruth Hassell-Thompson, and State Assemblyman Mike Benedetto, each of whom have served the community for multiple terms, all easily won another two years on the job. Benedetto, who has been this community’s representative in the New York State Assembly since 2005, faced the only real challenge of the three local elected officials on the ballot. His opponent, Republican Mike Rendino, a former firefighter and current Bronx business owner, actively campaigned for the seat, knocking on doors and handing out literature

throughout the 82nd Assembly District, which, besides Co-op City, includes Pelham Bay, Throggs Neck, City Island and parts of Castle Hill. But in the end, the ambitious ground work was matched by Benedetto’s equally ambitious campaign effort, and the incumbent Assemblyman won easily capturing 16,085 votes or 73% of the vote to Rendino’s 5,949 votes, or 27% of the vote in the unofficial count The morning after his victory, Benedetto said: “I want to thank the people of the district for once again putting their trust and confidence in me. I especially want to thank the people of Co-op City who voted for me overwhelmingly according to the initial vote breakdowns I saw election night. I appreciate Co-op City’s great support and I will not forget it. My number one priority, now that the election (Continued on page 4)

Daylight Savings Time Ends As we move our clocks back one hour this weekend, it’s a good time to replace your smoke detector batteries. You may also want to check the batteries in your flashlights. —Riverbay Safety Department

25¢

Meeting with HUD officials next step in refinancing plan BY JIM ROBERTS The process of refinancing Riverbay Corporation’s existing $480 million mortgage at a much lower interest rate is continuing on track with a meeting planned next week in New York with officials of the federal Department of Housing and Urban Development. Riverbay has authorized the banking company Wells Fargo Multifamily Capital to serve as the exclusive representative for obtaining loan financing guarantees from Freddie Mac, Fannie Mae and FHA/HUD to pay off the existing mortgage from New York Community Bank and refinance a new loan at the lower rate from Wells Fargo/Wachovia. The federal agencies would provide mortgage insurance for the new loan from Wells Fargo/Wachovia, which could total $550 million or more, depending on market interest rates at the time the new loan is received. Depending on the market rates at the time the new mortgage is finalized, the interest rate on the new loan could be in the

range of 4.25% to 4.5%, an estimate based on current interest rates. That rate would be significantly lower than the current 6.2% rate now being paid by Riverbay Corporation on the existing mortgage. Riverbay now pays $32.5 million annually in principal and interest on the existing loan with New York Community Bank. Refinancing at the new lower rate would provide the money to pay off the existing loan balance with New York Community Bank plus borrow additional money to put into several reserve funds and pay for remaining capital projects. Because the new interest rate would be significantly lower under the new loan with Wells Fargo/Wachovia, Riverbay would still pay $32.5 million each year in mortgage costs, but will get an additional amount of approximately $75 million at no extra cost. A target date for a firm commitment from HUD to insure the proposed new (Continued on page 8)

Domestic water shutdown on Friday In order to make repairs to the standpipe system, hot and cold water will be shutdown on Friday, November 12 at 9 a.m. in Bu ild in gs 33, 34 a n d 35. Water will be restored in the evening as soon as repairs are completed. Thank you for your cooperation and patience. —R iver ba y M a in t en a n ce Dep a r t m en t

Townhouse investigation report to be presented to Board next week BY DEREK ALGER A report investigating allegations concerning a Director allegedly jumping over others on the townhouse waiting list is expected to be presented to the Riverbay Board of Directors next week. Riverbay President Helen Atkins stated that the corporation’s General Counsel is expected to complete a thorough report about the situation some time next week. “Allegations have been made against specific individuals and it is important for our General Counsel to conduct a thorough and fair investigation rather than rushing to judgment without looking into all leads or possibilities,” Atkins said. The Board directed Riverbay’s General Counsel to initiate such an investigation after a Daily News article reported four Directors released a memo calling for

such an internal investigation. The Daily News first reported that the Riverbay Director of Residential Sales may have given a Board member preferential treatment in obtaining a townhouse ahead of others. The head of Residential Sales at Riverbay was suspended for reportedly jumping a Director over others on the townhouse waiting list, though no one is sure at this time what the true facts are surrounding the alleged improper action. Riverbay General Counsel Jeffrey Buss, with near unanimous support of the Board, has been questioning individuals as part of the investigation which was called for after a charge was made that the Director of Residential Sales reportedly (Continued on page 5)


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 11/06/10 by Co-op City Times - Issuu