Co-op City's official publication/ serving 15,382 member families in the world's !argest cooperative community. March 27, 1911
SHOW
director (left), instructs at a recent rehearsal of his first at Co-op City ••• "Nature's Way." The play will be presented in the Center Auditorium at 8 and tomorrow at 2 P.M. From left the thespians are Ira Block, Stuart
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and Sheryl Mitzner.
Sr.. Citize ear Discussion Abateme Proposal Tax abatement for senior citizens is the most important item of the pending New York State Housing program, according to Al Smoke, legislative liaison for United Housing Foundation (UHF). He said this at a mass meeting on Housing Legislation Sunday In the Community Center Auditorium. State Senator More than 600 senior citi- resenting John D. Calandra; and Stezens and other cooperators phen Kaufman, representing attended the meeting to hear Councilman Mario several area legislators as City Merola. well as representatives from Edward Aronov, Co-op the Coordinating Council of City executive manager, Cooperatives, the representative body of describe pledged Co-op City management support for the legispending housing legislation lation, which he identified and its effect on cooperators. as 100 per cent tax abateAssemblyman Anthony J. ment for senior citizens with Stella attended in person, annual incomes of $4,500 or and told the gathering that less; extension of the prehe has been committed to sent tax abatement for oldthis legislation for some er cooperatives; and intertime. In fact, he said he est reduction for cooperacampaigned on the issues. tive mortgage financing. Al Smoke, who is also asOther area legislators were represented at the sistant to the executive vice president of UHF, told the meeting. The representatives were: Jerry Glanzrock, rep- gathering that the legislaresenting Congressman Ma- tive program was conceived (Continued on Page 8) rio Biagg i ; Victor Tosi; rep-
Consumer Society Declares 2Y2·'~h Rebate, 6'}10 Dividend
Harold Ostroff, president of Riverbay Corporation and United Housing Foundation (UHF), told Co-op City cooperators that there would be no carrying increase until at least the early part of 1973 at Monday night's Informational of Riverbay's Board of Directors. More than 1,200 cooperators filled the Community Center Auditorium to attend the meeting, which was designated to be both a stock- er and cooperator for every with middle incomes could get together and amass this holder's report and a form- resident of Co-op City. It al installation for Co-op represents 10 per cent of sum. the total cost of Co-op ·city, However, the corporation City's first two resident board members-Rabbi Per- but without it, the other 90 still had to get $330 millions per cent wouldn't have been in mortgages. Interest on ry Cohen and Julius Palmer. possible, according to Os- the mortgages, he said, is Ostroff began his remarks the most crucial factor in deby stating that the Co-op troff. The UFH president also termining carrying charges. City equity capital is $32.5 In fact, interest and taxes: millions. This money, he said he found it inspirationsaid, earned the title of own- al that a group of people amount to 81.45 per cent of Co-op City's carrying charges. Ill) .Fînaneial Report . In his financial report, Mr. · Ostroff said that $271,480,000 of the approximately $330 millions mortgage has The Security Committee of the Advisory Council, to- already been sold in the gether with Co-op City Management, has been concerned form of permanent about the lack of bus stops in Sections 3 and 4, as weil as which are redeemable in 40 to 45 years. The average inthe problem of no street name signs in those sections. terest rate at which these After many months of discussion with the Department bonds were sold is 6.12 per of Traffic and bus company cent. The projected budget the end of 1971. officials, no additional MABAs chairman of the Se- for mortgage costs in 1969 STOA or Queens Transit curity Committee of the Co- was geared on an interest Bus stops have been created, op City Advisory Council, a rate of 6 per cent. This nor have street name signs (Continued on Page 5) been installed.
on t
Hy Fertel, Chairman of the Security Committee sent the following letter to the Department of Traffic on March 24th: Dear Commissioner Karagheuzoff : As you know, Co-op City is a large housing cooperative located in the northeast Bronx. To date, there are some ten thousand families residing here, with an ad'tlitional five thousand families expected to move in before
Shoppers of Co-op can look forward to a whopping rebate check this year. The Riverbay Consumers Cooperative Society is paying a 212 % rebate for the fiscal year ending December 26, 1970. Thé rebate was announced on Monday following a meeting of the Board of Directors of the consumer stock as of December 26 will society. The board also voted receive both the stock dividto pay a stock dividend of (Continued on Page 9) to all shareholders owning a full $50 share in ConI sumer Society as of DecemI ber 26th. By Don Phillips Shoppers who have turned We are deeply grateful to Building 4 cooperators in green sales slips, as proof ;ºr changing their Anniversary Party date from June of purchases made durina~6th to June 19th. Because they were willing to make the last year will receive the switch, the New York Philharmonic Orchestra will the rebate. Ón1y members perform in the Co-op City Auditorium on June 17th owning a full $5-0 share of and June 26th.
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Styme
Ball Fields n Co-op City's first baseball fields are receiving top attention, Executive Manager Edward Aronov assured ball players and "we expect that the ballfields will be open for play before the end of April. Completion will be affected by weather and construction conditions. It is our goal to have it ready the end of April or as quickly as possible thereafter." The drawings for the out of the ballfields are expected from Zion and Breen within a week and they will be reviewed with the Advisory Council before final installations are made.
Harold Ostroff means that the remaining $58 and one half millions has to be financed a bond issue floated at 5.35 or 5.4 per cent in order to within the 1969 These bonds will be sold the New York State Housing Finance Agency. UHF has no authority on the (Continued on Page 4)