Tuesday, July 17, 2012

Roosevelt Island Rivercross Board Of Directors Decide To Exit Mitchell Lama Program Under A Market Rate Plan, Continuing To Negotiate Subsidies With RIOC and ESDC For Affordability Plan Under Parallel Track - Island House and Westview Privatization Updates Too

Image of Rivercross Building Entrance

Last Friday, I learned that the Roosevelt Island Rivercross Tenants Corp. Board Of Directors decided to leave the Mitchell Lama Program under a market rate plan. Yesterday, I asked the Rivercross Board and Roosevelt Island Operating Corp (RIOC):
I understand the Rivercross Tenants Corp Board advised the Rivercross Shareholders last Friday that the Board has decided
  • to exit the Mitchell Lama program under a market rate plan,
  • to file a Notice Of Intent to leave Mitchell Lama with DHCR and
  • to submit an Offering Plan to the NY State Attorney General for review.
Is that true?

If so, does either the Rivercross Board or RIOC Board have any comment to make for a post I am preparing for Roosevelt Islander Online? Also, how does the Rivercross Board and RIOC Board anticipate Rivercross exiting Mitchell Lama under a non affordable market rate plan will effect the Rivercross Ground Lease with Roosevelt Island Operating Corp (RIOC) particularly in view of the recent Island House proposal to exit Mitchell Lama under an Affordable Plan approved by DHCR?

I intend to publish post on subject tomorrow. Please let me know if anyone intends to comment on this issue?

Thank you.
The Rivercross Board responded yesterday by providing a memo which was distributed to their shareholders on July 13 explaining the reasons they are seeking to leave Mitchell Lama under a market rate plan emphasizing that the Board is also following a parallel Affordability plan. An excerpt of the memo follows

The full Rivercross Board July 13 memo is below.

Here's more on Rivercross privatization efforts from previous posts and December 2010 Rivercross ground lease extension from RIOC which appears to be dependent upon Rivercross remaining in the Mitchell Lama program.

In other Roosevelt Island Mitchell Lama news, Island House privatization and Ground Lease Extension will be on the Agenda for July 19  RIOC Real Estate Committee:
... 3. Chair's Motion for Executive Session to Review and Discuss Proposed Modifications to the Ground Lease for Island House;...
and the Westview Task Force met on July 12 to discuss their privatization efforts (will have more on this soon).

Additional information on the unprecedented Island House Privatization Affordability Plan here and Westview privatization efforts here.


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