AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, February 25, 2010

5:00 P.M.

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

Residential Trustees present and participating: Mike Gravitz, Janet Fisher, Bret Marshall, Steve Campbell.

Commercial Trustees present and participating: Donna Boes, Heather Bowen, Taymour Semnani.

Approval of Previous Minutes

The Minutes of the January 28, 2010 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from January 31, 2010 were reviewed. The Association reported an unaudited operating surplus of $33,254 Year-to-Date as of January 31, 2010. The Common Reserve Fund has an unaudited balance of $396,302 and the Residential Reserve Fund has an unaudited balance of $382,087 as of January 31, 2010. The Board also reviewed the delinquency report.

The Committee reported that it continues to review the new reserve studies for our reserve funds. The Committee also continues work on the 2010-2011 fiscal year operating budget.

Building Improvement Committee

The Building Improvement Committee reported that John Frank has completed his design and specifications to replace our wounded domestic hot water boilers and has submitted the plans to two other contractors besides Carrier who submitted the original proposal. He will also ask Carrier to review his plans to see if their proposal is still good or if they need to make any changes. We anticipate having three comparable bids for the next meeting.

Mike Gravitz reported that he has met with at least one plumber in an effort to solicit costs for replacement of vanity water supply lines with hard copper tubing to replace the flex lines that recently failed. He will report back when he gets the additional costs and estimates for this approach to solving the problem.

The Committee also reported that the pool and hot tubs are now in full compliance with the enhanced requirements of the County Health Department for the anti-suction drains.

The Association has now received several complaints about the loud noise from the Hilton Hotel cooling tower. The fans apparently have been speeded up and make an extreme amount of noise that disturbs AT residents because of the close proximity to our windows.

The Committee also reported that the new hot water pumps are now installed and are very close to being switched over and turned on which will require a full scale water shut off. Further information regarding the timing of this will be forthcoming.

Comcast Update

It was reported that with our new contract, there will be a number of HD channels that are accessible only with an HC converter box or an HD TV set. Comcast will provide to each condo one converter box free of charge. The HBO Channel will be available to individual owners who subscribe separately. Information on the costs of the various packages available will be forthcoming from Comcast prior to disconnecting the HBO Channel.

American Plaza Parking Meeting Minutes

The Board reviewed the minutes of the American Plaza Parking Board meeting of January 26, 2010.

The Parking Board voted to raise the overnight/weekend rate from $1 to $2 but did not change the hours for which the rates apply. Commercial requests that overnight parkers do not park near the commercial elevator in order to keep the spaces free for commercial vistors. The rate for one hour validations was also raised from $1.00 to $1.20 per hour or per validation stamp.

Lobby Refurbishment

The redecorating has been substantially completed. There are a number of punchlist items yet to complete. The final retainage will not be paid until all punchlist items have been completed. The next phase of the project, the North Elevators and Lobby, will begin as soon as we are financially able. The Committee will next begin a financial evaluation of the Reserve Fund in conjunction with our new Reserve Study.

Next Meeting Schedule

The next meeting was scheduled for Thursday, March 25, 2010 at 5:00 p.m.

Adjournment

The meeting adjourned at 6:00 p.m.