AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Residential Trustees Meeting

Wednesday, December 10, 2014

6:00 p.m.

Bret Marshall called the meeting, convened in the Community Room, to order at 6:00 p.m.

Residential Trustees present and participating: Bret Marshall, Ted Roper, Paul Carpenter and Antonio Mejia.

Commercial Trustees were all excused.

Approval of Previous Minutes

The Minutes of the April 13, 2013 Board Meeting, upon motion duly made and seconded were approved.

Assessment Approval

Upon motion seconded and approved, the Board decided to submit to the Owners for approval a special assessment in the amount of $1.1 million for the sole purpose of redecorating and remodelling the lobby areas, the amenity areas and the residential hallways. Owners are to be given the option of paying the assessment immediately in full or by making monthly payments over a seven year period. Approval requires 60% consent of all residential Owners.

Loan Approval

Upon motion seconded and approved, the Board approved making application to Zions Bank for a loan in the maximum amount of $800,000. The purpose of the loan is to fund the assessment for those Owners who choose to make monthly payments instead of a lump sum immediate payment in full, and to make application to Zions Bank for a second loan in the amount of $180,000 for the purpose of funding a complete LED lighting retrofit of the Common Areas. The electrical savings of the lighting project is to payoff the entire loan over seven years.

Contract Approval

Upon motion duly made and seconded, the Board approved executing the contract with Fine Construction in the amount of $1,511,115 for the purpose of redecorating and refurbishing the common areas described in detail in the contract.

Adjournment

The meeting adjourned at 7:00 p.m.

Respectfully Submitted,

Antonio Mejia
Secretary