Crocheron Terrace
170-06 Crocheron Ave.
Flushing, NY 11358
Maintenance Increase Notice
On July 29, the Crocheron Terrace (“Co-op”) Board of Directors (“Board”) issued the Maintenance Increase Notice (“Notice”) to notify shareholders that the Board, after thorough review of financials and operating expenses, passed a 3% maintenance increase and a 2% assessment fee effective as of September 1. The assessment fee is expected to expire as of 2023, but is subject to extension per Board approval.
Effective: September 1, 2021
Maintenance Increase: 3%
Assessment Fee: 2% (Effective for 2 years till 2023)
Background:
The Co-op has not increased maintenance fees as of Nov. 2005. Since the last maintenance increase, operating expenses have increased due to usage and inflation by ~$5K per year. The Co-op has funded the operating expenses through additional loans at refinancing. In 1988, the Co-op’s loan balance of $1.7 million increased to $1.9 million over 33 years adding $7K per year. In the event loan balances continue to increase, banks may not allow Co-op refinancing resulting in a negative impact to Co-op finances and shareholder value.
Maintenance Increase Alleviating Measures:
The following suggestions have been raised for residents to follow to help expire the assessment fee in 2023 and prevent future extensions:
- Proper disposal of Garbage will reduce the need to hire additional garbage disposers
- Utilization of Exterminator (Co-op provides the service free of charge) will reduce the frequency to perform exterminations in public areas
- Reduction of Heat/Oil Usage (A voluntarily unit temperature check will be performed the next two winters). This will help identify units with excess heat to install valves to control heat usage