AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Tuesday, May 1, 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: Heston Nielson and Heather Bowen.

Commercial Trustee Donna Boes was excused.

Approval of Previous Minutes

The Minutes of the January 24, 2012 Board Meeting upon motion duly made and seconded were approved.

Finance Committee

The Financial Statements from March 31, 2012 were reviewed. The Association reported an unaudited operating surplus/(deficit) of $54,605 Year-to-Date as of March 31, 2012. The Common Reserve Fund has an unaudited balance of $184,692 and the Residential Reserve Fund has an unaudited balance of $463,138 as of March 31, 2011. The Board also reviewed the delinquency report.

The Board reviewed and upon motion duly made and seconded unanimously approved the 2012-2013 fiscal year Operating Budget and assessment which is no change from the previous years amount.

Rooftop Amenity Area Roof Replacement Project

It was reported that since the last owners meeting, due to some input and assistance from an experienced owner, the City re-examined our permit and retracted its requirement for tapered insulation because our project is a straight forward replacement, not a new install or improvement. This resulted in savings on the project in the amount of $295,000.

It was reported that Zions Bank also has now approved our loan application with a maximum credit limit in the amount of $1 million. There will be a draw period on the loan of several months during the construction period and upon completion, the full amount of the loan will be amortized over seven years to be paid by the proceeds of an increase in the monthly dues and assessments. The assessment increase is also to be contractually assigned to Zions Bank for the reduction and payoff of the loan.

The contract with Utah Tile and Roofing, the low bidder, in the amount of $814,225 is now finalized and ready for approval. The total amount of the contract includes rebuilding and restoration of the rooftop hot tubs as was determined by the recent Owner vote. The hot tub restoration portion of the contract amounts to $128,998 to be paid from the Residential Reserve assessment. The remainder of the contract for the roof, will be paid from the Common Reserve Assessment.

The Board also reviewed a summary and breakdown per Unit of the proposed assessment increase in the amount of $10,898 per month for the Common Reserve Fund and $2,089 per month for the Residential Reserve Fund. The option was also provided for Owners to entirely avoid the monthly increase by making a lump sum payment of their respective pro rata share of the assessment.

Upon motion duly made and seconded, the Board unanimously approved the construction contract with Utah Tile and Roofing.

Upon motion duly made and seconded, the Board also unanimously approved the Zions Bank loan with a maximum credit limit of $1 million but also not to exceed the cost of the project including unexpected change orders.

Upon motion duly made and seconded the Board also unanimously approved the increase in the monthly assessment and the assignment to Zions Bank together with the Owner option to pre-pay their percentage share in lump sum thereby avoiding the monthly increase.

Declaration and Rules & Regulations

Upon motion duly made and seconded, the Residential Trustees unanimously approved the following Rule change to the Residential Rules and Regulations (Changes emphasized):

H. 2. b. A copy of a signed latest version American Towers approved lease agreement with a term of not less than six months together with the move-in fee shall be filed with the management office a minimum of 48 hours before the anticipated move-in date. If any prospective renter attempts to move-in without having submitted the signed lease agreement or without having paid the move-in fee or without a move-in permit due to misrepresentations of, or lack of communications from, an Owner or property manager, the Owner shall be fined, at the sole discretion of the Association manager, an amount equal to the move-in fee.

American Plaza Parking Board Meeting Minutes

The Board reviewed the minutes of the January 26, 2012 and the March 29, 2012 Board Meetings of American Plaza Parking.

The Parking Board is currently evaluating a revised and updated garage engineering survey and proposal which creates and details multi-year phases of repairs and preventative maintenance necessary and spreads the repairs and costs over approximately seven or eight years. The Hilton Hotel continues its processing of the study documents through its corporate offices for further evaluation and procurement of the capital funds required.

Adjournment

The meeting adjourned at 6:20 p.m.

Respectfully Submitted,

Steve Campbell
Secretary