AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, March 29, 2001

5:00 P.M.

Tom Halleran called the meeting, convened in the community room, to order at 5:00 p.m.

Residential Trustees present and participating: Tom Halleran, Betsy Bradley, Blane van Pletzen, Bruce White

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

Management present and participating: Joe Toronto

Approval of Previous Minutes: January 25, 2001

The Minutes of the January 25, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: February 28, 2001

The Financial Statements for February 28, 2001 were reviewed by the manager. The Association reported an unaudited loss of of $19,926 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $309,829 and the Residential Reserve Fund has an unaudited balance of $259,503. 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 and account for nearly all of the deficit.

Building and Improvement Committee Report:

Ron Davis reported that the exterior restoration of the South Tower has begun and that the work schedule projects completion by mid-June. The work schedule has been posted on the new American Towers website at www.ourtowers.org.

It was also reported that the Committee met with a representative of Westech, a mechanical contractor to evaluate their capabilities in servicing our boilers and chillers and performing preventative maintenance. Their presentation was well received by the committee. Management has been using their services in some degree on call outs before completing a contract with them. They were asked to submit a proposal to replace our Allerton control and monitor system. The committee presented two bids by Hitech/Carrier at the last meeting. In order to expedite the installation of the system before the summer high demand season, the Board unanimously approved, upon motion duly made and seconded, a budget limit of $9,000 with a $1,000 limit for the appropriate hardware. The committee was given discretion to select the Westech proposal if it comes in better than the other two from Hitech.

It was reported that the committee met with our elevator contractor, Otis Elevator, relayed a number of concerns which are already being addressed and corrected by Otis.

Design Committee Report:

Bruce White reported that the refurbishment of the exercise room is now complete. A budget of $13,000 had been approved by the Board and the total cost was $10,400. The Eliptical trainer was obtained to replace the stairmaster which had failed. This item put the entire project over budget by $1,650. An increase in usage of the exercise room since the refurbishment was also noted and feedback has been positive.

The next project will be some improvements on the north roof. No plans have been made, but Blane vanPletzen is investigating alternatives. The Board also circulated a survey to obtain some feedback in this area. Blane also reported that the portion of the survey dealing with pets, is indeed an opinion survey only and not a vote on the issue. The purpose of the survey is to attempt to determine if an amendment and vote should be proposed. Results of the two surveys will be posted after more results are in and tabulated.

2001-2002 Budget

The proposed budget for the 2001-2002 fiscal year which begins on May 1, 2001 was unanimously approved upon motion duly made and seconded. No increase in the assessement was approved. It was reported, that largely due to rapidly rising utility costs, and no increase in assessments, the budget will result in a deficit in the operating fund that will require an increase in the assessment at some point during the year. The operating fund has not had an increase in assessments in six years and is presently operating in deficit by using surpluses built up over the past several years. The Board proposed that it monitor these funds carefully and attempt to postpone the increase until the time when the Common Reserve Fund assessment is scheduled to be reduced this summer.

All residents are encouraged to practice conservation. Even though our hot water, heating and air conditioning is paid for by our condo fees, it is not free nor unlimited. The increased costs can be reduced by reducing our demands for hot water, heat and air conditioning.

American Towers Website

The arrival of an underground American Towers Website served us notice that there are additional and perhaps better ways to provide information and discussion to owners and residents. With the apparent demise of the "other" site, our manager developed a website for the Association with sufficient content and current information. As the site is still in development, owners and residents are encouraged to visit at the internet address www.ourtowers.org and submit comments and feedback. The discussion page is to be uncensored, however, well written submissions would be posted on the editorial page. Owners that do not have internet access were reminded that most of the information on the website is already available in the newsletter, but the website will also contain the information from past issues of the newsletter.

It was reported that our in house channel 23 is inoperative due to an equipment failure. ATT has been notified and has promised to respond. It was also noted that channel 23 is not conducive to publishing large amounts of information such as can be placed in a newsletter or website and is likely to continue to be used for announcements when it is finally repaired.

Next Meeting

The next meeting is scheduled for Thursday, April 26, 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 6:30 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.