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Co-op City Times 10/29/2022

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DHCR Notices: Special Pull-Out Section Beginning on Page 11

Vol. 57 No. 44

Saturday, October 29, 2022

Riverbay Budget and Finances Discussed at Open Board Meeting, Oct. 26 BY ROZAAN BOONE

Approximately 200 shareholders attended the Oct. 26, 2022 Open Board meeting held in the Dreiser Auditorium which was highlighted by a Management preFollowing approval of the agenda and minutes of the September meetings, Riverbay Board President Sonia Feliciano began her report by thanking the large group of shareholders for attending, noting that she has not seen such a large

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Our Financial Challenges Dear Fellow Shareholders: President’s Report On behalf of the Board of Directors, Management, and staff of the Riverbay Board of Directors, we thank all of our shareholders who were able to attend our Open Board meeting on October 26, 2022. As your Board, we have been challenged by the

Sonia Feliciano

13% increase in operating expenses of which the largest portions are natural gas, fuel oil, insurance premiparts, and asbestos abatement. Europe has destabilized our energy markets causing a global chain reaction that is affecting all of us shifting our demand for services, labor shortages, and supply chain issues.

(Continued on page 2)

HCR Schedules Dec. 1st Virtual Carrying Charge Conference to Discuss Proposed 7.5% Increase Written comments accepted until Dec. 1, 2022

BY ROZAAN BOONE

press their opinions during the Gallery Session.

Photo by Rozaan Boone

poration is confronting due to a 13% increase in operating expenses of which the largest components are for natural gas, fuel oil, insurance premiums, paytor replacement parts, and asbestos abatement. energy markets causing a global chain reaction that is affecting all of us shifting our demand for services, labor shortages, and supply chain issues,” said Board (Continued on page 3)

Shareholders Express Opinions, Ask Questions at Oct. 26th Gallery Session BY BRANDON ORTIZ Wednesday’s Open Board meeting featured a gallery session for shareholders to express their questions and opinions. Before the Gallery Session, Riverbay Executive General Manager Bob Klehammer gave a detailed presentation to shareholders in attendance outlining ital projects that are completed, in progress or are next on the list. After Executive General Manager Klehammer’s presentation, shareholders were given two minutes each to express their concerns or direct questions to the Board and Riverbay Management. Many shareholders brought up issues they were having with the maintenance turnaround times and convector problems, while others spoke about carrying charge increases, the proposed ramp in Section 5 and quality of life issues around the community. Shareholder Barbara Rose opened the Gallery Session. She said, “Everything here is about doing things for the corporative need, not the co-op’s need. What about doing things for the apartments like cleaning the vents? … Right now, you’re spending too much money on fuel that we don’t need right now.” make the hard decisions we’re always going to be back here in this place,” Julius Williams said during his opportunity to (Continued on page 8)

New York State Division of Housing and Community Renewal (HCR) has scheduled a virtual carrying charge conference to discuss Riverbay Corporation’s budget, proposed 7.5% carrying charge increase, and possible time frames for implementation with Co-op City shareholders. Webex. 1. Go to

9eaa5, or use 2. 3. 4. Click “Join” 5. Follow the instructions that appear on your screen

(Continued on page 15)


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