We Wish our Readers a Happy Hanukkah
Vol. 57 No. 51
Saturday, December 17, 2022
7.5% Carrying Charge Increase Effective Jan. 1, 2023
BY ROZAAN BOONE
January Maintenance bills will be mailed out by this month-end and shareholders will see the recently approved 7.5% carrying charge increase reflected on their statements. As reported in the Saturday, December 10, 2022 Co-op City Times, the New York State Homes and Community Renewal (HCR) approved Riverbay Corporation’s application for a 7.5% increase in monthly carrying charges. The Commissioner’s Order was also published in the Dec. 10, 2022 issue of the newspaper, and distributed under the door of each apartment. The Order came after a 30-day shareholder comment period during which time the supervisory agency (HCR) collected mailed/ emailed comments from Co-op City homeowners on the proposed carrying charge increase, followed by a Dec. 1st virtual HCR Carrying Charge conference where shareholders were given additional opportunity to comment on the proposed increase and
to ask questions of the HCR representatives and Riverbay Management. The HCR Commissioner’s Order, dated December 8, 2022, stated, in part, “…on considering the entire record, from which it appears that owing to causes beyond the control of the applicant, there have been and will be substantial increases in the cost of operating the development, including, but not limited to, the increased cost of maintenance and operating expenses; and that the present maximum average carrying charges are insufficient to meet such increases in costs and to make other necessary and authorized expenditures, “I find and determine that, owing to causes beyond the control of the applicant, the present carrying charges are insufficient to enable it to meet, within reasonable limits, all necessary payments required to be made by the provisions of the Private Housing Finance Law and that such insufficiency cannot be corrected by reasonable economies in
26th Annual Kwanzaa Celebration
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$1.25
Looking Forward to Continuous Progress President’s Report
Sonia Feliciano Dear Fellow Shareholders, As we end 2022, we continue to face challenges affecting our personal lives and community. The external events of the global economy affects all of us. I reported previously that we were challenged with an $18.6M financial deficit due primarily to increases in operating expenses for items such as fuel, gas, insurance, and maintenance. This was exacerbated by high inflation and a war that destabilized our energy markets and created shortages of goods and services needed to operate this vast campus, along with labor shortages. We tackled these challenges collectively as a corporation and Board. Faced with a possible 10% carrying charge increase to pay our bills, we worked (Continued on page 2)
Metro-North Penn Station Access Plan Officially Breaks Ground BY BRANDON ORTIZ
Governor Kathy Hochul, Senator Charles Schumer, MTA officials and local electeds held a press conference last Friday, December 9, to announce the official groundbreaking of the Metro-North Penn Station Access Plan. The plan aims to improve commuting times into and out of the city for residents of the Bronx, Westchester and Connecticut, as well as reduce congestion and greenhouse gas emissions. Four stations will be built in the Bronx: Hunts Point, Parkchester/Van Nest, Co-op City and Morris Park; and each one will be ADA compliant. Logistically, the new stops will serve as an extension (Continued on page 3)
Holiday Parking
The Coalition of African American Churches & Community Organizations held the 26th Annual Kwanzaa celebration on Saturday, December 10, in Room 31 of the Bartow Center. In photo above, Elder Francine Jones, Sister Latoya Pressley and Young Brother Malcolm Nembhard and others, participated in the Kwanzaa Candle Lighting Ceremony and recited the Nguzo Saba/ Seven Principles. In addition, young Brother Malcolm and Elder Jones recited poetry by Langston Hughes and Listervelt Middleton, respectively. (Continued on page 3)
Discounted transient parking will be available in all Co-op City garages for the 2022 Christmas and New Year’s holidays. Transient parking is significantly discounted to $9 between 12 p.m. to 6 a.m. on the following holidays: Christmas Eve: Saturday, Dec. 24, from 12 p.m., through Christmas Day, Sunday, Dec. 25, at 6 a.m. Christmas Day: Sunday, Dec. 25, from 12 p.m. through Monday, Dec. 26, at 6 a.m. New Year’s Eve: Saturday, Dec. 31, from 12 p.m., through Sunday, Jan. 1, 2023, at 6 a.m. (Continued on page 3)
L-R: Senator Charles Schumer, Governor Kathy Hochul, and MTA Chair and CEO Janno Lieber at the groundbreaking for the Metro-North Penn Station Access Plan. Photo courtesy of MTA
Window Guard Form & Safety Notice to be Mailed Early Jan.
Shareholders will begin receiving the annual Window Guard form and Safety Notice in the mail early next month, January 2023. In the meantime, copies of both documents will be posted in each building lobby for informational purposes. The annual Window Guard form must be filled out following the directions included in the mailing, and returned to Riverbay Management or phoned in, faxed or emailed as per directions included in the package. The deadline is February 15, 2023. More information will be disseminated as the mailing date approaches, however, for now, shareholders should familiarize themselves with the documents by reading the poster in the building lobby. Please note this is an annual process that must be completed by shareholders every year.