AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Tuesday, January 24, 2012

5:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 5:00 p.m.

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

Commercial Trustees present and participating: Heather Bowen and Donna Boes.

New Commercial Trustee Heston Nielson was excused.

Welcome New Commercial Trustee

The Board welcomed new commercial Trustee Heston Nielson who was appointed to serve the remainder of the term of Larry Shelton.

Approval of Previous Minutes

The Minutes of the November 8, 2011 Board Meeting upon motion duly made and seconded were approved.

Finance Committee

The Financial Statements from December 31, 2011 were reviewed. The Association reported an unaudited operating surplus/(deficit) of $31,801 Year-to-Date as of December 31, 2011. The Common Reserve Fund has an unaudited balance of $176,504 and the Residential Reserve Fund has an unaudited balance of $410,173 as of December 31, 2011. The Board also reviewed the delinquency report.

The Board reviewed the 2011 Audit report and upon motion duly made and seconded, unanimously approved the report. The 2010-2011 Audit Report will be distributed by posting it on the americantowers.org website.

The committee reported concerns about the out-of-state firm that provided what now appears to be extremely low cost estimates for our roof replacement project. The committee also reported that it is soliciting a Reserve Study proposal from a local engineer who has provided reserve studies for other condo associations.

Building Improvement Committee

The committee reported that we have received from our roofing consultant the completed bid comparisons for the roofing project. The Trustees spent an afternoon interviewing each of the bidding roofing companies. There will be some remaining negotiations with the low bidders. There are also some options that need to be decided upon. In coming weeks, the winning contractor will obtain the appropriate permits from the city. The Board will also submit to the owners the estimated costs and owner assessment and the interim funding and/or financing necessary. The Board also indicated that in coming weeks the owners will be presented with a yet to be decided decision mechanism (possibly a vote) as to whether or not to keep or re-build the hot tubs and the associated costs of the alternatives.

The Board also reviewed the status of the North Tower shingle roof. The Committee and the Board continue to work with our roofing consultant to come up with an economic alternative to restore the aging shingle roof. Last year when the Board approved replacement of this roof, the City denied our permit stating that that style of roof is no longer in compliance with code and will have to be a metal roof in order to receive a permit. Our consultant has been working with a contractor to come up with a method of restoring and waterproofing the metal roof that is underneath the shingle roof.

Declaration and Rules & Regulations

The Board reviewed proposed Common Rules and Regulations to address procedures to be followed by the Association and Owners in the event damages are incurred that would be covered by property insurance. These Rules were prepared at the request of commercial and are partly in response to the recent legislative amendments to the Utah Condominium Act which drastically changed how insurance issues are handled between the Association and Owners. Upon motion duly made and seconded, the Common Rule F. was approved by a vote of 4 residential votes in favor and 2 commercial votes against.

The Board reviewed a legal opinion from our attorney Steve Dougherty which we obtained at the request of the commercial Trustees. The opinion essentially states that the Utah Condominium Act specifically defines exterior windows of a Unit as Limited Common area and further explicitly states that Limited Common area of a Unit is to be covered by the Unit property insurance up to the deductible of the Association's property insurance. The Associations insurance will then provide coverage for any damages above its deductible. What this means to Owners is that broken windows are to be covered by each Owners condo insurance policy.

American Plaza Parking Board Meeting Minutes

The Board reviewed the minutes of the December 8, 2011 Board Meeting of American Plaza Parking.

The Parking Board is currently evaluating a recently received garage engineering survey which details repairs and preventative maintenance necessary in coming years to prevent further deterioration of the garage. While the study included a cost estimate for an all-at-once repair and surface coating, they are also preparing a phased approach in which the project could be undertaken over a period of several years. The Hilton Hotel is in the process of elevating the study up to it's corporate offices for further evaluation.

Adjournment

The meeting adjourned at 6:20 p.m.

Respectfully Submitted,

Steve Campbell
Secretary