July 20, 2016 - Owner Update

Dear Fellow Owners:

Enclosed is your copy of the Audit Report for the Redecorating Project. All of our financial reports are audited each and every year, and have been since the inception of American Towers. All of the annual Audit reports since 2009 are presently posted on our website americantowers.org. This special "Redecorating Project" audit report covers the two year scope of the project with "audit" procedures applied by independent outside auditors. It is provided to you in addition to our annual audit reports because the lengthy project spmmed two fiscal years and because it was specifically requested by the petition of a number of Owners.

The project is now effectively complete at a cost of$1,973,093.47 which was funded by means of the $1,100,000 Special Assessment and $873,093.47 from the Residential Reserve Fund. The Residential Reserve Fund currently has a remaining balance of $373,866 as of June 30, 2016.

The only remaining portion of the originally proposed project is the canopy/marquee and facade on Third South over the South Tower entrance. This portion will remain on hold until the Committee and Board can find a concept and contractor able to produce an efficient and acceptable design at reasonable cost.

The originally proposed project did not include the full remodel and facade of the garage elevator lobbies, the rooftop grills or the tile mosaic beside the swimming pool. The mosaic was proposed by the Building Committee. The design and art was instantly and unanimously accepted by the Board as an excellent and wonderful addition to the Project. This together with the natural onyx stone art in the South Lobby will make American Towers truly an art destination.

The Board of Trustees wishes to bring to your attention the cost ofre-carpeting the second floor hallway in the amount of $25,876.80 including labor. The previous Board of Trustees had prematurely announced, based upon implicit representations, that the replacement carpet would be provided at no charge. This turned out later to not be the case when the order was placed with the manufacturer. The Board decided to proceed with the carpet replacement despite cost (though at a discount) due to the extreme displeasure of a large majority of the Community towards the pattern and product that was installed.

This Redecorating Project was the most significant and important remodel ever undertaken at American Towers since its construction over 33 years ago. It was difficult, time consuming and required an enormous amount of time, effort and sacrifice by the previous Board of Trustees and its President, Bret Marshall. We sincerely appreciate their efforts and are thrilled with the outcome, design and renewal of our Common Areas. We, and they, sincerely appreciate your patience and cooperation during the extended construction and numerous delays. We believe this final product was well worth the wait.


Board ofTrustees