AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Residential Board of Trustees Meeting

Tuesday, July 10, 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.

Residential Trustee Ted Roper was excused.

Approval of Previous Minutes

The Minutes of the May 1, 2012 Board Meeting upon motion duly made and seconded were approved.

Finance Committee

Upon motion duly made and seconded, Paul Carpenter was appointed to serve as a Residential member of the Finance Committee.

The Financial Statements from May 31, 2012 were reviewed. The Association reported an unaudited operating surplus/(deficit) of $(1,161.35 Year-to-Date as of May 31, 2012. The Common Reserve Fund has an unaudited balance of $94,268 and the Residential Reserve Fund has an unaudited balance of $380,439 as of May 31, 2011. The Board also reviewed the delinquency report.

Rooftop Amenity Area Roof Replacement Project

The South Tower rooftop replacement is almost complete. The new membrane, drainage system and pavers have all been installed. The hot tub structure construction is underway. When it is completed the hot tub itself will be re-installed. We anticipate that the hot tub will be operational by August. As soon as the roofing is complete, the contractor will move immediately over to the north roof, even though the hot tub may not yet be operational. There were several additional expenses related to the project. Some of the precast planters that anchored the pergola were cracked and had to be replaced. Many of the door frames were rusted in the same fashion as the hot tub structure and also had to be replaced. The steel studs in the walls surrounding the hot tub pump room were severely rusted and those walls all had to be restored as well. Additional costs were incurred to the Residential Reserve Fund to polish the stainless steel handrails and to ensure that the visible stainless steel is that which is commonly used for swimming pools because of the corrosive nature of the chlorine and acid in the water.

The Board also reviewed two persistent roof leaks relating to the sheet metal roof above South Tower penthouse. These appear to be related to deteriorating rain gutters. It was reported that we are working with our consultant to identify and repair these leaks as well.

Declaration and Rules & Regulations

Upon motion duly made and seconded, the Board unanimously approved the following addition to section U. of the Residential Rules and Regulations:

2. The delivery to, and acceptance by, the Security Office of packages or other large envelopes that are too large for the mailbox, or that arrive by courier service, is a service provided by the Association strictly as a courtesy to residents. In doing so, the Association assumes no liability for packages left in its custody that become misplaced, lost or otherwise stolen. Residents should arrange for delivery of important or high value packages directly to their Unit.

Annual Meeting of the Owners

As required by our Declaration, the Annual Meeting of the Members will be held on Saturday, August 11, 2012 at which time the winners of the Trustee elections will be announced.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully Submitted,

Steve Campbell
Secretary