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Co-op City Times / April 6, 2019
Riverbay Residential Sales Committee Report Francine R. Jones, chairperson Kevin Lambright, co-chair Meeting date: January 17, 2019 Attendance: Francine Jones, Kevin Lambright, Board Director Cheryl Jenkins, Sheena McNeill, Residential Sales director. Guests: Peter Merola, Riverbay CFO; Cary Smith III, Assistant General Manager. Committee members: 11 members attended Review Agenda – The agenda was reviewed and accepted. Minutes from last meeting – The Minutes were read. A MOTION WAS MADE AND SECONDED: To accept the minutes of December 6, 2018. Mission Statement – The Committee is in compliance with the Mission Statement goals. Residential Sales Update – Sheena McNeill, director Co-chair Kevin Lambright read the following updates as of December 2018: A. Move-Ins totaled: 21 B. Move-Outs totaled: 30 C. Transfers totaled: 4 D. Applicants on waiting list totaled: 5,844 E. Applicants on Transfer waiting list totaled: 111 F. Available Units totaled: 146 G. Vacant Units totaled: 289 Director McNeill advised that the Sales Dept. has two waiting lists. Applicants are placed on the one-bedroom waiting list when they reach number 175 or less. Other applicants are on a continuous waiting list. Equity Refunds – Peter Merola, Riverbay CFO At the last Sales Committee meeting, the members discussed that when some shareholders move out they must wait a long time before their equity is returned. Merola explained that when a shareholder leaves, the equity is returned when that apartment is sold and the equity from the new shareholder is paid to the outgoing shareholder. He further explained that the original shareholders paid equity of $500 per room and that those equity funds went toward the construction costs. When the first shareholders moved in, they purchased shares from United Housing Foundation, which was the developer at that time. The shares are only sold by Riverbay Corp. There are restrictions to selling those shares. The Mitchell-Lama regulations require that you deliver the shares to Riverbay so that when you want to leave, your shares are sold by Riverbay to the new shareholder coming in. Riverbay acts as the agent. In 2012, HCR determined that shareholders would pay for a maximum of three months carrying charge. Question: Does the outgoing shareholder and the incoming shareholder both pay for painting the apartment. Answer: The outgoing shareholder pays for priming and
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the incoming shareholder pays for painting. If the outgoing shareholder paints the apartment, there is no restoration paint charge. Observation of New Cooperator Orientation (NCO) Meeting – Discussion Five committee members observed the New Cooperator Orientation meeting on January 8, 2019. The observers commented that the voice of one of the Riverbay presenters went high and low and that the audience sometimes could not hear; that room 28 is closed in and dull without anything to make it look better; that there was nothing in the room with the “Riverbay Corp.” name. Sales Director McNeill stated that the table coverings were out being cleaned; that several people arrived before the Riverbay staff presenters arrived and they just sat in silence; that the presentations were dry and bland, except for one; that it did not seem like they were meeting to become shareholders, but merely renters. Cary Smith III, assistant general manager, informed that he is working with the Sales director to improve the NCO meetings and would like to have professionals make a filmed presentation to show at the NCO meeting. He informed us that we pay the Riverbay staff for their attendance at these meetings twice a month. He advised that the presentation would be by professionals; that it would be much shorter, about 15-20 minutes; that there would be comments by a shareholder; and that the presenters would be dressed in uniformity. The following are Committee Recommendations to the Board so that improvements can be made ASAP: A. Add Riverbay table coverings containing the Riverbay name; B. Speakers should use a microphone; C. Play music while people are waiting for the meeting to begin; D. Add or substitute sandwiches to the refreshments; E. Place pictures on the walls and/or balloons around the room; F. Invite a building president to speak. Items for next agenda – No suggestions Announcements The 22nd Annual Black History Month Film Festival, 2/1/19, 12 p.m., Bartow Center, room 31. Next meeting – TBA Respectfully submitted, —Francine R. Jones, Chair
Committee Report
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