AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Residential Trustees Meeting

Wednesday, February 23, 2011

6:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 6:00 p.m.

Residential Trustees present and participating: Mike Gravitz, Steve Campbell, Bret Marshall and Ted Roper.

Excused: The Commercial Trustees were excused due the "Residential only" nature of the agenda.

Approval of Previous Minutes

The Minutes of the Dec. 2, 2010 Board of Trustees Meeting were reviewed.

Finance Committee

The Financial Statements from December 31, 2010 were reviewed. The Association reported an unaudited operating surplus of $15,810 Year-to-Date as of December 31, 2010. The Common Reserve Fund has an unaudited balance of $240,424 and the Residential Reserve Fund has an unaudited balance of $268,260 as of December 31, 2010. The Board also reviewed the delinquency report.

Building Improvement Committee

In order to better manage the amount and content of information posted on the 2nd floor bulletin board, it was proposed that access not be provided to commercial advertisements and that its use be limited to residents only and residents cottage business. Because several Realtors see the advantages of advertising there, it was proposed to consolidate all of the rental and listing ads onto a single page to be posted, that agents must renew the posting each week, and that the rental and listing information also be posted on our website. These restrictions would not apply to individual owners listing or renting their own Unit. The Residential Trustees unanimously approved the motion duly made and seconded.

The Committee reviewed the proposal for owners to replace their lavatory and vanity water supply lines with the flexible stainless steel lines that the Association has located. Many owners are not aware of the problem or of the new stainless steel water supply lines now available. It was proposed that a letter be sent to all owners alerting them of the problems and of the replacement tubes now available. Although there is a modest expense to make the change, all that would be required is a phone call to the office to get your name on the list of Units to be serviced. Owners were encouraged to read carefully the letter to be sent out.

Redecorating Committee

It was reported that delivery of the furniture for the North Lobby is imminent. The carpet will be installed next together with most of the furniture, but we were recently informed that there is yet another delay in the delivery of some of the chairs due to shipping damage. The delivery of the chairs will be a few weeks later than the other furnishings.

Decaration and Rules & Regulations

It was announced that the recently propsed amendment to the Declaration which prohibits smoking in Units that come under new ownership was approved. It exceeded the required 60% consent of all owners with 645 affirmative votes. Tomorrow, the President of the Association will certify the vote and file the appropriate documents with the Salt Lake County Recorders office and the prohibition will then take effect.

Next Meeting Schedule

The next meeting was scheduled for the last Wednesday of the Month of March 2011.

Adjournment

The meeting adjourned at 7:00 p.m.

Respectfully Submitted,

Steve Campbell
Secretary