Minutes of the Board of Trustees Meeting

Thursday, January 25, 2007

5:00 P.M.

Norman Salisbury called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: Norman Salisbury, Mike Gravitz, Sandra Lee Sterns, and John Patton

Commercial Trustees present and participating: Donna Boes, Taymour Semnani and Jonathan Arbuckle.

Presentation by Salt Lake City Public Services

Mr. John Naser, Senior Project Engineer for the Salt Lake City Public Services Engineering Division gave a presentation regarding the improvements that will be placed on Third South from Main Street to Third West. These will include mid-street curbing and landscaping to make permanent the mid-street parking that was put in place in 2005. They anticipate the project beginning in Spring of 2007 and they expect it to have minimum impact on business and traffic flow. They will construct one block at a time. Traffic will only be blocked on Sundays when the street will be resurfaced. The mid-street parking will be lost during construction. The Board thanked Mr. Naser for taking time to come and meet with American Towers residents to inform us of this project.

Approval of Previous Minutes

The Minutes of the November 16, 2006 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from October 31, 2006 were reviewed by the Manager. The Association reported an unaudited operating surplus of $114,496 Year-to-Date as of December 31, 2006. The Common Reserve Fund has an unaudited balance of $253,690 and the Residential Reserve Fund has an unaudited balance of $286,121 as of December 31, 2006. The Board also reviewed the delinquency report.

Building Improvement Committee

The Committee has proposed that Lance Williams be approved as a member of the Committee. Upon Motion duly made and seconded, Mr. Williams was unanimously appointed to the Building Committee.

The staff has removed all untagged and/or unregistered bicycles from the storage room and from the bike rack in order to provide more storage room. Owners who believe you have a bicycle stored in the room or in the bike rack, were encouraged to check to make sure it is still there. The removed bicycles will be temporarily stored to ensure that they truly have been abandoned over the years.

The Committee has requested that our fire alarm servicing agent, in addition to it's various duties with regard to the fire panel and smoke detectors, also verify that the fire doors on each floor function properly in event of an alarm. One set of doors did not close during a recent alarm. In addition, some of the cylinders appear to be leaking oil and are in need of repair.

The Committee continues to solicit proposals and estimates from capable contractors to seal the elevator pits in order to prevent water from leaking into them.

The Committee reported that our 25 year old boilers have been repaired and are performing well. The hot water circulation problem has been solved. In regards to the boiler exhaust which was originally located near the commercial fresh are intake, the Committee reports that even though we have taken temporary steps to mitigate the carbon monoxide problem, it is a temporary solution and awaits a long-term solution. That solution may involve either the installation of a smoke stack on the commercial roof between the towers or the installing all new side venting boilers that would exhaust into the alley. A request has been submitted to our consulting engineer for proposals and cost estimates and these will be reviewed by the Finance and Building Committees for cost benefit analysis and funding requirements.

Review of APP Meeting Minutes

The Board of Trustees received and reviewed the minutes of the American Parking Plaza Board meetings held on November 28, 2006.

Next Meeting

The next meeting was scheduled for February 22, 2007.


The meeting adjourned at 6:30 p.m.

Respectfully submitted,

Mike Gravitz