from the towers A Message from the President: 2012 Actions and 2013 Budgets What follows is a summary of 1,844 apartments and as of October ENTIRE REBATE BACK TO OUR the past actions taken by the Board 2012 we had 1,892 members. This RESIDENTS. THIS DECISION of Directors and the results on will bring in $1,892,000 to start WILL ADDITIONALLY SAVE the country club budget and the our revenues in 2013. These two MANY RESIDENTS ALMOST TWO cooperative’s budget. initiatives are the reasons we have MONTHS OF MAINTENANCE not found it necessary to increase CHARGES! IT’S IMPORTANT TO COUNTRY CLUB BUDGET country club dues! NOTE THAT IN FUTURE YEARS SPONSORED GOLF THE BOARD MAY BE REQUIRED MEMBERSHIP- The long-range We have also hired a new cleaning TO ADD TO OUR RESERVE concern about the Country Club dues company for the country club. Not FUNDS AND THUS, ONCE AGAIN, was how to raise revenue when for only have we saved thousands of WILL HAVE TO TAKE PART OR several years we were experiencing a dollars but the employees of the ALL OF THE REBATE! decline in golfers and tennis players. company have performed in a truly The Board created sponsored golf and superior manner. We have also renegotiated our tennis memberships that has enabled cooperative’s $66,000,000 mortgage. us to add about 65 members and REGULAR COOP BUDGET Bob Ricken It was an enormous time consuming $325,000 per year to our revenues. In negotiating our major contracts task but certainly worth the effort. We To date we have taken in over we have insisted upon staying below fight for the rebate. In the past, half went from a 5.22 percent mortgage $1,000,000! the cost of living data. Additionally of the rebate has been returned to to a 3.13 percent mortgage. THAT we have offered our preferred residents and half of the money went NEW MORTGAGE WILL SAVE MANDATORY COUNTRY companies multi-year contracts that into our Capital Reserve Fund. This OUR CO-OP APPROXIMATELY CLUB MEMBERSHIP- In included at least two years of no legislation has allowed our New York $20 MILLION OVER THE NEXT order to avoid a decrease in club increase. This policy has saved us State residents and war veterans to get TEN YEARS AND ENABLE US TO membership, we passed a resolution thousands of dollars on the expense a huge discount in maintenance every HAVE OUR FOURTH YEAR IN requiring all new renters to join the side of the budget. June. Almost all of the other coops A ROW OF NO MAINTENANCE club. This, added to the fact that We have also worked with our take the entire rebate and use it for INCREASES! all new shareholders are required to local politicians to have the annual capital improvements. The Flip tax, passed by a previous pay country club dues, has made a rebate reinstated. I helped organize board, has given us a great deal of positive impact on our budget. For the Presidents Coop and Condo SINCE WE HAVE income since we are presently among the first time in North Shore Towers’ Council (PCCC), and I am their vice PRUDENTLY ACCUMULATED A the top buildings with coop sales in history, we now have more club president. The PCCC has helped us LARGE RESERVE FUND, THIS New York City. Last year our flip tax members than apartments. We have organize all of our local politicians to YEAR WE WILL BE GIVING THE added over $662,000 to our revenues. WORKING FOR YOU IN THE YEAR AHEAD Most important to our residents is the fact that “port in the storm” for us and our relatives and to reconstructing the playground netting and these savings did not force us to develop austerity friends when we are hit by hurricanes with the frame and repairing landscaping throughout the budgets. On the contrary, we continued to improve force of Sandy. complex. every aspect of our buildings and grounds. Also scheduled is the replacement of the Finally, the golf course will receive For example, we will continue improving the air conditioning chiller that will guarantee us better irrigation with the installation of a new VIP Room by constructing a new kitchen so that comfort during the hot days of the summer. This underground piping system on the first and 18th the menu can be expanded and members can eat is a $1 million expenditure. hole. The irrigation will be enhanced by the on regular plates with silverware. We will be replacing much of the damage recent completion of another water well. We also will be installing two or three new caused by Sandy. These projects range We wish all of our friends and neighbors a generators so that North Shore Towers will be a from repairing the dome of our indoor pool, happy and healthy new year. January 2013 Publisher & editor Victoria Schneps-Yunis AssociAte Publisher Joshua A. Schneps editor-in-chief Tonia N. Cimino n Art director Jennifer Decio 8 North Shore Towers Courier contributing editor Maggie Hayes Artists Stephen Reina, Nirmal Singh, Ron Torina, Cheryl Gallagher North Shore Towers Courier, 38-15 Bell Blvd., Bayside, NY 11361 • Tel:718-224-5863 • SalesFax: 718-631-3498 • Editorial Fax: 718-224-5441 • e-mail: [email protected] All letters sent to NORTH SHORE TOWERS COURIER should be brief and are subject to condensing. Writers should include a full address and home and office telephone numbers, where available, as well as affiliation, indicating special interest. Anonymous letters are not printed. Name withheld on request. ALL LETTERS TO THE EDITOR AND OP-ED’S DO NOT REFLECT THE OPINION OF THE PUBLISHER. No such ad or any part thereof may be reproduced without prior permission of NORTH SHORE TOWERS COURIER. 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