AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, March 28, 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

Excused: Tom Halleran, Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: January 31, 2002

The Minutes of the January 31, 2002 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: February 28, 2002

The Financial Statements for February 28, 2002 were reviewed by the manager. The Association reported an unaudited loss of $9,628 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $115,022 and the Residential Reserve Fund has an unaudited balance of $231,402. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency. The Board commended Joe Toronto for working diligently with the delinquent owners to bring themselves current with their Owners Association obligations. The number of delinquencies has been reduced to three.

Finance Committee

Willard Homer presented the written report of the Finance Committee meeting of February 26, 2002 to the Board. The committee is concerned about the level of our Reserve Funds and recommends that the Board should be vigilant in minimizing expenditures from these funds during these years of rebuilding the fund balances. The committee also reported that the Association incurred some extra expenses related to the Olympic Games, primarily from the additional security required. The committee plans to review the long-term service agreements and contracts to ensure that the providers are performing as required and providing the Association with first class service.

The Committee, in November, began reviewing drafts of the Operating Budget for the fiscal year 2002-2003 which begins on May 1, 2002. At their meeting on February 28, 2002, the committee forwarded the final draft to the Board for approval. The committee noted that the budget does not assess separately the energy surcharge that has been in place for several months, but that it will be included in the Operating Assessment and will result in a minimal change in the present overall assessment.

Willard Homer requested the Board to appoint an additional Finance Committee member.

The Finance Committee commended Joe Toronto for his work on the 2002-2003 budget.








Approval of the 2002-2003 Budget

The Board of Trustees reviewed the 2002-2003 budget. The Chair called for a voice vote to approve the budget. Trustees voted as follows:

Mr. Salisbury Yea
Ms. Link Yea
Mr. van Pletzen Yea
Ms. Boes Yea
Ms. Pariseau Yea

Legal Committee

The Board reviewed a letter from the Associations attorney summarizing our position in the dispute with Hamilton Partners regarding the "Richards Street" alley. The Legal Committee will meet again and review the same before making recommendations to the Board.

Next Meeting

The next Board Meeting is scheduled for Thursday, April 25, 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.

Open Forum

A proposal was presented by an owner to the Board to either hire a painter or to allocate additional resources to conduct ongoing touch up painting in all common areas as the next full repaint is not scheduled for several years. Another owner suggested the minimum term of leases in the building be changed from six months to a year.

Adjournment

The meeting adjourned at 7:00 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.