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Bulk deal lower the cable TV charges by up to $50 for some current Cablevision subscribers which accounts for approximately 13,500 households in the development, and which would save shareholders an estimated $8M over the course of the 5-year agreement. This offer only covers cable service, not internet and phone charges, rental of remotes and cable boxes, DVR’s or speciality channels, so whatever subscribers who have these other services with Cablevision are currently paying, those charges will continue to be reflected on their Cablevision bills. Shareholders are asked to return the ballots with their March carrying charge payments which are due by March 10. Those who pay their carrying charges online, and any others who may wish to do so, can mail their ballots to the Riverbay Finance Department at 2049 Bartow Avenue, Bronx, NY 10475, or deposit it in the drop box at the Bartow Center. In November, 2013 when the Riverbay Board under the leadership of then-President Bill Gordon approved the exploration of the bulk cable agreement with Cablevision, it was agreed that not only must 2/3 of all shareholders take part in the polling, but that 2/3 of those responding must also approve the bulk cable agreement in order for the housing company to move forward with securing the necessary approvals from the supervisory agencies to sign the agreement with Cablevision, such as the U.S. Department of Urban Development (HUD) and also the New York State Division of Homes & Community Renewal (HCR), which is awaiting the results of the balloting. In the 2013 referendum, only 6,220 shareholders voted, less than the required 2/3 of shareholders. “The only way for cooperators to express themselves on this issue is through their ballot,” said Board Treasurer Bernard Cylich. “The Board wants to hear from the community and even though we may have our own opinions, we will abide by the wishes of the community. We will take that message back to the Board for determination and make a decision based on the community’s input.” The Riverbay-Cablevision proposal is to have Riverbay purchase cable services from Cablevision worth a retail value of approximately $75 for only $25, a considerable bulk rate discount. Riverbay will then pass on this saving to current Cablevision subscribers, and provide cable TV service to those residential units for a flat fee of $25 per month. This amounts to a saving of up to $50 for some Cablevision subscribers and a much more affordable cable bill, savings which could be used to help offset the proposed 4.5% carrying charge and 10% garage fee increases that the Board approved in the 2015/2016 fiscal year budget to raise the $8M needed to help fund the federal labor settlement and clean-up of the cooling tower after the city’s Department of Health reported elevated cases of Legionnaire’s Disease in the Bronx, and the community was forced to purchase energy from Con Ed while the cooling tower was offline for decontamination. The current Riverbay Board, with Director Cleve Taylor at the helm as President, has revisited the bulk cable proposal with Cablevision as a way to soften the financial burden facing shareholders. At 2 townhall meetings in early February, Board President Taylor outlined the community’s current financial predicament and explained in depth how the bulk cable proposal could be beneficial in helping shareholders to offset the added expenses they have incurred as a result of the two unanticipated and unbud-
Bulk cable ballots
Fill out and return your bulk cable ballot with your March carrying charge payments by March 10.
Co-op City Times / March 7, 2015 (Continued from page 1)
geted events while at the same time raising the sum of money needed by September 15 when the federal lawsuit has to be paid in full as per the settlement terms. As shareholders consider their votes in the bulk cable proposal, it should be pointed out that the current exclusive marketing agreement with Cablevision expires in 2024 so the community is still bound to this contract for the next 9 years. The bulk cable deal which is being offered will cover 5 of those 9 years during which time shareholders will be able to save on their cable charges. In the past several weeks since the bulk cable proposal was reintroduced, Riverbay has gone to great length to answer shareholders’ questions about the deal. A detailed Q&A has been compiled
and published in this paper, (see last Saturday’s issue of the Co-op City Times, February 28, 2015; www.issuu.com/cctimes), as well as broadcast extensively on channel 12 on the master antenna and on channel 591 for Cablevision subscribers. Shareholders who still have questions are urged to contact Riverbay’s Director of Special Projects, Joe Boiko, at (718) 320-3300, Ext. 3409, or the Co-op City Times at Ext. 3375 so that you can make an informed decision on your bulk cable ballot before returning it with your March carrying charge payment on March 10. For information on Cablevision’s various cable package offerings and prices, you may visit the company’s website at http://optimum.net/pricing-packages.