AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Residential Trustees Meeting

Saturday, April 13, 2013

10:00 a.m.

Bret Marshall called the meeting, convened in the Community Room, to order at 10:00 a.m.

Residential Trustees present and participating: Bret Marshall, Steve Campbell, Ted Roper and Paul Carpenter.

Commercial Trustees were all excused.

Approval of Previous Minutes

The Minutes of the November 27, 2012 Board Meeting, upon motion duly made and seconded were approved.

Finance Committee

The Financial Statements from February 28, 2013 were reviewed. The Association reported an unaudited operating (deficit) of ($29,590) Year-to-Date as of February 28, 2013. The Common Reserve Fund has an unaudited balance of $255,565 and the Residential Reserve Fund has an unaudited balance of $600,006 as of February 28, 2013. The Board also reviewed the delinquency report.

Rooftop Amenity Area Roof Replacement Project

It was reported that the Rooftop project is near completion. Threre remain several punchlist items that remain to be done. We are a few pavers short on the north roof. A large number of potentially defective pavers still need to be replaced. The retainage on the contract will not be disbursed until all of these items are fully completed.

Proposed Changes to Rooftop Rules

As we near completion of the rooftop roofing project, the Board had prepared and has reviewed a draft of proposed rooftop rules to govern the rooftop amenity areas. Some additional rules governing oversized vehicles in parking stalls were also reviewed. Following lengthy discussion, the Board decided to take the proposed rules under advisement for further review and possible approval at a later time.

Possible Restrictions on Overall Number of Rental Units at AT

In response to a perception on the part of numerous Owners that rental units are increasing at American Towers and their suggestion that overall rentals be restricted and because the Board felt that it was important that American TOwers should be approved by FHA for lending. FHA requires that in order for projects to be approved for FHA lending, they must remain within certain rental limits. It was reported that previously, FHA required rentals to remain below 30% of the total in order to qualify for FHA lending. American Towers had previously been approved on a case by case basis for FHA lending. FHA now requires blanket approval on all projects for a two year period. They also recently increased the rental limit from 30% to 50%.

The following discussion largely indicated that there was not strong support among those Owners in attendance for restricting rentals as long as we remain well within the limits set by FHA. The Board decided to monitor the level of rentals in conjunction with FHA requirements and, should the need arise, make a proposal in the future.

American Plaza Parking Board Meeting Minutes

The Board reviewed the Board meeting minutes of the meetings of October 25, 2012, November 29, 2012, January 31, 2013, and February 28, 2013., meeting and the September 27, 2013.

Adjournment

The meeting adjourned at 11:50 a.m.

Respectfully Submitted,

Steve Campbell
Secretary