Verizon FIOS installation
As we discussed at the annual shareholder meeting on May 12, Verizon has opted to exercise their statutory right to install FIOS in our building. Our managing agent has worked with them to ensure that their work meets all of our safety and security requirements and that Verizon will be responsible to rectify any damage done during the installation process.
We are told that the work will begin within a week and that Verizon will begin offering FIOS service in the building sometime this summer.
As also discussed in the annual shareholder meeting, our current RCN contract expires in 2012. The contract requires that the co-op do two things to qualify residents for a discounted rate. The first is that we guarantee a minimum number of customers to RCN. And the second is that we collect the fees for basic cable service from RCN customers through the monthly maintenance bill.
We do not believe, in the presence of aggressive competition from Time Warner and Verizon, that we can reasonably guarantee RCN the number of subscribers that they require. In addition, the discount is not worth the cost that the co-op has incurred from managing the billings. As a result the board has decided not to pursue renewal of the contract.
RCN fees increase
We have been informed by RCN in a letter dated May 6th that the monthly rate for those residents receiving basic cable from RCN will be increasing from the current total $34.63 to a new total of $36.92, inclusive of taxes and fees. This is a 6.6% increase and will take effect in the June maintenance bill for affected shareholders.
We have installed a new taxi light at the western corner of the front canopy. We are monitoring it for effectiveness. When you need a cab please feel free to ask the front desk to turn it on for you.