Minutes of the Board of Trustees Meeting

Wednesday, May 4, 2011

4:30 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 4:30 p.m.

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

Commercial Trustees present and participating: Steve Hansen and Heather Bowen. Donna Boes was excused.

Approval of Previous Minutes

The Minutes of the April 4, 2011 Board Meeting upon motion duly made and seconded were approved.

Finance Committee

The Financial Statements from March 31, 2011 were reviewed. The Association reported an unaudited operating surplus of $36,111 Year-to-Date as of March 31, 2011. The Common Reserve Fund has an unaudited balance of $267,650 and the Residential Reserve Fund has an unaudited balance of $303,598 as of March 31, 2010. The Board also reviewed the delinquency report. The Board also reviewed the proposed operating budget for 2011-2012 and postponed approval pending further review by the new Commercial Trustee. The Board reviewed the proposed Auditors for the 2010 Audit report and postponed approval pending further information regarding references and client list.

The Board reviewed the new insurance legislation which takes effect on July 1,2011. It was recommended that as soon as we feel prepared, to hold an open owners meeting with the Association's legal counsel present and our insurance agent present to answer questions so that owners can take steps to be properly insured. It was also suggested that we draft the notice and submit it to our legal counsel for review and comment before sending it out.

Building Improvement Committee

It was reported that the finance committee and the building committee have reviewed the bids for the second floor roof replacement project. Three bids were submitted with the low bid from Utah Tile and roofing as the low bid at $116,934. Both committees approved the low bid and recommended approval of alternate add #3 to replace and install new rock ballast on top of the exposed membrane for aesthetic purposes and to eliminate UV radiation degradation of the new membrane. The addition is $11,610. Upon motion duly made and seconded, the low bid and alternate add no. 3 were unanimously approved.

Redecorating Committee

It was reported that for some time, we have been having serious leaking problems from the South Roof men's restroom. We have had to demolish part of the wall to obtain access to the plumbing. The decorating committee recommends that in restoring the wall and the tile, we solicit bids for Finance Committee review from Chase and other contractors to re-tile the entire restroom, replace the fixtures and bring the restroom up to current standards and appearance. It was also proposed to get estimates from Chase for renovation of the rooftop lobby areas as both tower rooftop lobbies are in desperate need. Upon motion duly made and seconded, the Residential Trustees unanimously approved the proposals.

Declaration and Rules & Regulations

The Board asked management to review our Residential Rules and Regulations to identify those which are appropriately Common Rules that should be voted on and approved by Commercial and to submit those rules for approval by the full Board as "Common Rules and Regulations" as directed by Section 9.01 of our By-laws.

American Parking Plaza Board Meeting Minutes

The Board reviewed the minutes of the American Plaza Parking Board Meeting held on March 3, 2011.

Next Meeting Schedule

The next meeting was scheduled for Tuesday, June 14, 2011 or as otherwise to be announced.


The meeting adjourned at 6:00 p.m.

Respectfully Submitted,

Steve Campbell