To: Riverbend Cooperators
From: The Board of Directors
Date: May 2008
Subject: FYI – As of April 2008
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ANNUAL MEETING
The annual meeting was held on March 12, 2008 at 7:30 pm, at PS197 – 2230 5th Avenue. There were only 69 shareholders in attendance. The meeting was officially continued at the election on Saturday, March 15, 2008. There were a total of 195 shareholders that voted in the election. The results are:
Leonard Marshall 146
Nathaniel Callahan 135
Jameel Cross 117
Chenise Marine 101
New officers were also voted in at the April 7th meeting. They are as follows:
President Leonard Marshall
Vice President Jameel Cross
Treasurer Shirley Gary
Secretary Annie Gooding
Asst. Secretary/Treasurer Nathaniel Callahan
Member Kyndell Reid
Member Chenise Marine
MAINTENANCE INCREASE: The Commissioner of the Department of Housing Preservation and Development has found that an increase in carrying charges, including utilities, is necessary for the continued operation of Riverbend. The Commissioner has so ordered that a 15.5% INCREASE go into effect on MAY 1, 2008. There will be an additional 4% increase effective May 1, 2009.
PLEASE NOTE: there maybe elderly shareholders who may be eligible for a Senior Citizen Rent Increase Exemption subsidy. If you need additional information regarding the SCRIE program, please contact Marla Collymore at (212) 863-8494. The eligibility standards for SCRIE increased to $27,000. Section 8 is also available for household that qualifies. Both Section 8 and SCRIE applications may be obtained in the Management Office.
SUBMETERING:
Riverbend is negotiating the installation of meters for all apartments. The purpose of the meters is to gauge how much electricity is used and to measure the amount of heat being generated in each apartment. Cooperators will not be charged a separate utility bill at this time.
VANDALISM AND DISTRUCTION OF PROPERTY:
Behavior such as destroying Riverbend property, using and selling drugs, urinating, and loitering is all considered ‘objectionable behavior´. Objectionable behavior, as stated in the Occupancy Agreement signed by all shareholders is grounds for eviction. It is the Boards and Management responsibility to enforce the Occupancy Agreement.
TOWING SERVICES:
Riverbend is negotiating with Crown Towing to handle the towing services. Illegally parked cars will be towed without exception at the owner’s expense.
2289 HOBBY ROOM:
The Hobby Room in 2289 is in the process of being made functional and may be used in the future by ALL cooperators. Use of the Hobby Room by cooperators and rental can be coordinated with Management.
SECURITY CAMERA UPGRADE
The security camera upgrade is one of the projects under the capital improvement program. The Ad Hoc Committee is exploring various security cameras systems (from high-end to affordable) that are presently installed at several different Cooperatives and Developments in the area.
The Ad Hoc Committee will be reviewing the material collected during the research for a camera system for Riverbend and making a recommendation to the board.
PARKING GARAGE GATES:
Riverbend is in the process of accepting proposals for new parking gates for 2289 and 2301, 2311 and 2333, respectively. In the interim, if our gates break down, a ´no excuses´ 24 hour time frame is expected for repair.
FINANCIAL REPORT – MARCH, 2008:
Total Cash - End of March 2008 $1,598,334.26 (Includes NYSERDA and Replacement Reserve)
Amount owed to Vendors $774,308.86
Amount owed by Cooperators $124,096.11
CARRYING CHARGES – (MAINTENANCE) FOR THE MONTH OF MARCH, 2008:
Arrears at the end of February, 2008 $144,665.36
Total billed for March, 2008 –All Buildings 490,667.75
Total Collectible 632,343.11
Amount collected at the end of March, 2008 ( 508,247.00)
Arrears at the end of March, 2008 $124,096.11
BREAKDOWN of BALANCE NOT PAID by CURRENT COOPERATORS at the END of MARCH, 2008.
One (1) apartment is in arrears for $18,799.27. This shareholder is deceased and the family is in litigation in surrogate’s court. This case is currently being handled by the housing company attorney.
One (1) shareholder owes $10,874.56. The cooperator has been evicted and the apartment is being prepared for restoration and resale.
One (1) current shareholder owes $9,405.59 The majority of this balance is late and legal fees. The cooperator is constantly in L&T court resulting in the high late and legal balance. This case has been placed in hold over for chronic non-payment.
Two (2) shareholders $4,756.64- $4,459.00. Majority of balance for cooperator owing $4756.64 is legal and late fees. Shareholder owing $4,459 is deceased and the apartment has not yet been surrendered. Apt is currently in holdover with L & T attorney.
$2584 - $2,028.72 - 5 shareholders
$1,905.70 - $1,010.11 - 9 shareholders
$993.26-918.13 - 7 shareholders
$867.77 - $701.48 -10 shareholders
$692.31 - $501.78 -13 shareholders
$495.91 - $300.00 - 7 shareholders
$289.08- $125.00 - 6 shareholders
$72.16 - $0.02 -16 shareholders
Note: You are the Landlord - We are unable to pay our monthly operating expenses and make necessary repairs if the monthly maintenance fees are not received from all cooperators.
COLLECTION AGENCY:
The Board and Riverbend attorneys are in the final stages of negotiating the contract with Fidelity to begin collection procedures with past shareholders.
MONTHLY COMMITTEE MEETING:
1ST MONDAY – BOARD OF DIRECTORS
1ST THURSDAY – SECURITY COMMITTEE
2ND WEDNESDAY – MOVE –IN MOVE- OUT COMMITTEE
3RD THURSDAY – FINANCE COMMITTE
4TH THURSDAY – MANAGEMENT COMMITTEE
THE COMMITTEEE MEETINGS ARE OPEN TO ALL COOPERATORS PLEASE COME OUT AND JOIN.
LEGAL:
Currently there are 15 succession rights cases and 5 illegal sublet cases being handled by the Housing Company attorney.
Two (2) new illegal dog cases were turned over to the attorneys.
Cooperators are being asked to report any illegal dogs that they are aware of to management.
MOVE-IN/MOVE-OUT ACTIVITY:
Currently there are nine (9) vacant apartments which are being processed for occupancy and ten (10) pending vacancies
VACANT COMMERICIAL SPACE:
Management has been given a timetable of 45 days from April 16th to rent out Riverbend’s vacant commercial space.
APARTMENT INSURANCE:
The Board of Directors is urging all cooperators to obtain Apartment Insurance to cover your personal items against fire, floods, theft, etc. The housing company is not responsible for damages to personal property. Please see your occupancy agreement.
Remember, Riverbend is 40 years old and was built in 1968. Although a majority of the risers have been replaced not all pipes have been changed depending where they are located within the wall. These pipes are 40 years old and will burst and cause damage. Please protect your personal property and valuables by obtaining apartment insurance.
Remember all litigation and insurance claims against the Housing Cooperation effect each and every cooperator. We pay the cost!
IMPORTANT TELEPHONE NUMBERS:
Emergencies 911
Management Office 212-283-1338
Maintenance Dept. 212-283-1340
Security 212- 694-5903
Emergencies (heat etc…) 212-283-1338 (after 5:00 pm, holidays, & weekends)
25th Precinct (212) 860-6549
District Attorney’s Office (212) 335-9082
25th Prct. Comm. Liaison
Mr. D. Footman (212)860-6526
This FYI has respectfully been submitted by the Board of Directors.Please note that any correspondence that is not sent on Riverbend Board letterhead is UNAUTHORIZED and NOT APPROVED by the Board of Directors.
