AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, February 25, 2009

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 Salsibury, John Patton, Mike Gravitz and Steve Campbell

Commercial Trustees present and participating: Donna Boes, Jonathan Dunn and Steve Orullian.

Approval of Previous Minutes

The Minutes of the January 29, 2009 Board of Trustees Meeting, upon motion duly made and seconded was unanimously approved.

Finance Committee

The Financial Statements from January 31, 2009 were reviewed by the Manager. The Association reported an unaudited operating surplus of $16,048 Year-to-Date as of January 31, 2009. The Common Reserve Fund has an unaudited balance of $356,507 and the Residential Reserve Fund has an unaudited balance of $431813 as of January 31, 2009. The Board also reviewed the delinquency report.

The Finance Committee continues work on the 2009-2010 operating budget and in updating our reserve studies. The committee continues it's work in providing funds from the reserves for some interior decorating items that need replacement. The committee also is constantly reviewing our delinquenices in light of the current real estate market and slowing economy. The committee is also keeping abreast of developments with the GMAC bond in the Residential Reserve Fund.

Building Improvement Committee

The fire door repairs have been completed. A final walk through inspection demonstrated several definciencies with the work. Several of the door "hold opens" are malfunctioning and still need repair. The contractor has been contacted and will be addressing these shortly. Except for these one or two doors, they are all performing well. Some additional painting remains to be done where door hardware was either replaced or moved on the doors.

The Committee is very near bringing our website in-house thereby eliminating the hosting fees by and outside service. John Fran continues his work in completing the engineering for the hot and cold water pumps.

The committee is also reviewing and revising proposals to provide bulk TV, Internet and telephone service to all AT Units as we are also in the process of renegotiating our Comcast TV contract.

New Commercial Tenant

The commercial owner has notified the Association that it has signed a new lease to expand the space of an existing tenant, US Customs a division of Homeland Security. They have requested to perform some core drilling in the structural slab in order to install some additional plumbing. The Board discussed several ways in which requests of this nature should be handled in the future and requested insurance certifications, licensed contractors, and city permits. Upon motion duly made and seconded, the Board unanimously approved the issue be sent to our attorneys to draft an agreement for commercial to proceed with the core drilling and to also draft specifications and protocols to be used for future requests. The Board also requested our attorney to review the tanants proposed use of the space to verify that it meets the criteria and definitions of the REA (Reciprocal Easement Agreement).

Next Meeting Schedule

The next meeting is scheduled for March 26, 2009.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Steve Campbell
Secretary