AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, January 25, 2001

5:00 P.M.

Absent a quorum, the meeting began at 5:00 p.m. as a discussion meeting.

Residential Trustees present and participating: Tom Halleran, Blane van Pletzen

Commercial Trustees present and participating: Donna Boes, Deborah Pariseau, Larry Shelton

Management present and participating: Joe Toronto

Excused:Bruce White, Betsy Bradley

Financial Statements: December 31, 2000

The Financial Statements for December 31, 2000 were reviewed by the manager. The Association reported an unaudited loss of of $2,092 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $300,155 and the Residential Reserve Fund has an unaudited balance of $262,619. The manager reported that due to recent rate increases and increases now going into effect, utilities, gas in particular, are now running substantially over budget. He reported that these rate increases are the single most important factor being considered for the preparation of the 2001-2002 budget which is currently underway. The Association operates on a fiscal year which begins on May 1 of each year.

The manager reviewed the delinquency report. Most have been making payments and the management office has been in contact with each. Four new owners on the list have become 60 to 90 days delinquent and the manager reported that liens and notices of default are being filed.

Committee Reports

Building and Improvement:

It was reported that the interior fire boxes of the heating boilers were recently refurbished. Due to a failure, the interior insulation was replaced with fire brick. The committee will begin a review of our preventative maintenance contractor who is servicing our chillers and boilers.

It was also reported that the computer system which monitors and in some situations controls our chillers, failed last summer causing serious distress to many residents and commercial tenants. The computer, system and sensors are all more than ten years old. The committee presented one proposal to replace the entire system, but is soliciting another. It was noted that it is imperative to complete this before summer. Also, The committee will report next time on it's meeting with our elevator contractor scheduled for Jan. 29 at 10:30 a.m.

Design Committee:

The North Tower awning, signage, and lighting have been installed. The South Tower awning and signage will be re-installed following the completion of the restoration of the exterior.

The racquetball courts are in need of a new finish and the Residential Reserve Study also has this item scheduled for completion this year at an estimated cost of $6,500 from the Residential Reserve Fund. Two bids were reviewed, one for $4,000, the second for $3,934. It was noted that proper game markings will also be painted in.

The Board reviewed a proposal to replace the entraguard system, also scheduled for replacement this year at an estimated cost of $16,500 from the Residential Reserve Fund. The proposal is from the successor manufacturer of entraguard, Marlee electronics, in the amount of $6,721. It was noted by the manager that the South Tower P1 phone has been inoperative for over a month and cannot be repaired as parts are not available.

The Board reviewed a proposal to refurbish the exercise room with new floor covering and replacement of only the old outdated exercise equipment. Our new equipment will remain. The total cost will not exceed $13,000 and is to be funded from the Residential Reserve Fund with unused funds from the other scheduled projects above, that did not, or will not require the full allocation to complete. Absent a quorum of the Board, these projects will be approved by the Board at a later time in writing.

Building Engineer

The Building Engineer, Billy Cruz, made a presentation to the Board and reviewed his department, responsibilities, and activities, which was followed by a question and answer session.

Next Meeting

The next meeting is scheduled for Thursday, February 22, 2001, at 5:00 p.m. The Board of Trustees cordially invites all owners to plan to attend regularly, setting aside the last Thursday of each month at 5:00 p.m.

Adjournment

The meeting adjourned at 6:15 p.m.

Respectfully submitted,

/s/ Blane van Pletzen

Secretary

*Notice: These minutes, as they appear in this newsletter, have not yet received final approval from the Board of Trustees. Consequently, they may be corrected, or supplemented, by the Trustees prior to approval at the next scheduled meeting of the Board.