Minutes of the Board of Trustees Meeting*

Thursday, January 31, 2002

5:00 P.M.

Blane van Pletzen called the meeting, convened in the community room, to order at 5:00 p.m.

Residential Trustees present and participating: Blane van Pletzen, Irene Link and Norman Salisbury

Commercial Trustees present and participating: Donna Boes and Deborah Pariseau

Absent: Tom Halleran

Excused: Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: October 18, 2001

The Minutes of the December 6, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: December 31, 2001

The Financial Statements for December 31, 2001 were reviewed by the manager. The Association reported an unaudited loss of $14,463 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $103,202 and the Residential Reserve Fund has an unaudited balance of $218,229. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency.

Norman Salisbury Appointed as Trustee

Blane van Pletzen reported that Norman Salisbury received the most votes in the election for Trustee and that he is present and is assuming his position as a member of the Board of Trustees filling the vacancy created by the resignation of Bruce White.

Building and Improvement Committee Report:

The Board reviewed a memorandum from Van Boerum & Frank containing an analysis and recommendation regarding the sovent system problem in 303S. The recommendations have been turned over to Tye Plumbing to order the parts and install which should take an estimated 30 days to complete. The commercial Trustees requested a similar analysis in several areas of commercial where similar types of problems have been persistent. Residents are reminded that use of low suds detergents is mandatory at American Towers just as it is in all high rise applications. Residents are also reminded to make arrangements to have drains periodically flushed during periods of extended absence or vacancy.

Design Committee

It was reported that the rooftops are essentially finished in time for the Olympics. John Panos was thanked for his efforts in seeing that the planters are planted and cared for. He has also been taking care of the planters on Broadway.

Finance Committee Report:

Shinika Sykes of the Finance Committee reported that the committee continues its work on the next fiscal year budget. It has reviewed in detail two drafts of the budget and will make further recommendations at the next meeting. The committee expressed concerns that the Reserve Funds are low and also recommended that the Board adopt the following rules in regards to the Reserve Funds: All non-emergency contracts for construction or for replacement items from the Reserve Fund receive two bids and that the Finance Committee review all bids or expenditures in excess of $2,000. The Finance Committee will then forward the proposals to the Board for final approval. Upon motion duly made and seconded, the Board unanimously approved the recommendation of the Finance Committee.

Legal Committee

The Board reviewed a letter from the Legal Committee to our attorney requesting further information for the Board to consider before proceeding on a course of action in resolving the disputed easement on our property in the east alley. The Board also requested an opinion regarding a possible requirement that all leases require renters to obtain renters liability insurance.

Olympic Issues

The Board reviewed the security measures that will be in place for the parking garage during the Olympic Games. American Towers will also have additional security guards on duty to patrol certain areas of our premises and amenities during periods of high traffic including the north lobby, north plaza, rooftops and 2nd floor amenities. Upon motion duly made and seconded, the Board unanimously decided to close the Community Room to walk in traffic during the Games and to open it for reserved usage only. The rooftops which normally close at 12:00 p.m. will remain open until 1:00 a.m. for the duration of the Games and the other amenity areas are to remain open at all times as usual.

Next Meeting

The next Board Meeting is scheduled for Thursday, February 28, 2002, at 5:00 p.m. The Board of Trustees cordially invites all residents to plan to attend regularly, setting aside the last Thursday of each month at 5:00 p.m.


The meeting adjourned at 7:30 p.m.

Respectfully submitted,

/s/ Blane van Pletzen

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.