By Carmen Glover
While taking a victory lap for ridding Co-op City of the destructive and corrupt Marion Scott Real Estate Inc. (MSI), the Riverbay Board of Directors, which manages Co-op City, announced in different financial presentations recently that carrying charges and parking garage fees will be increased by 4.5 percent during the upcoming fiscal year.
Sandwiched between providing a breakdown of the board’s reasons for settling an employee lawsuit brought against Riverbay Corporation and Marion Scott Real Estate Inc. for unlawful employment practices, board president Cleve Taylor suggested that imposing the increases was the best solution to settle the $8 million agreement and satisfy the cost of cleaning Co-op City’s cooling tower where legionella bacteria, which sickened several residents, was discovered by New York Department of Health.
For many shareholders, the increases add more burden to financially stretched households. However, the 4.5 percent increase will take effect in the fall of 2015, regardless of the disastrous impact shareholders anticipate. For information about how to voice your concerns about the looming increases, contact Riverbay’s offices at 718-320-3300–OnPointPress.net.