AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, March 27, 2003

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, Irene Link, Sandra Lee Sterns and John Patton

Commercial Trustees present and participating: Larry Shelton and Donna Boes

Management present and participating: Joe Toronto

Approval of Previous Minutes: February 27,2003

The Minutes of the February 27, 2003 Board of Trustees Meetings, upon motion duly made and seconded, were unanimously approved.

Financial Statements: February 28, 2003

The Financial Statements for February 28, 2003 were reviewed by the Manager. The Association reported an unaudited loss of $27,029 Year-to-Date as of February 28, 2003. The Common Reserve Fund has an unaudited balance of $115,306 and the Residential Reserve Fund has an unaudited balance of $305,864. The Board also reviewed the Delinquency Report and the Managers explanation report of each delinquency.

Upon motion duly made and seconded, the Board authorized and directed the manager to attach the monthly rent in payment of the condo fees for the one condo on the delinquency report which is currently being rented.

Building and Improvement Committee

It was reported that the HVAC project is proceeding slowly. The Board is evaluating the possibility of purchasing a small portion of the parking lot to our north for the purpose of building a new cooling tower. This would encompass a significant agreement that will also resolve some disputes regarding future use of our alley by Hamilton Partners. The Board has also asked John Frank to investigate other repair alternatives that do not involve dealing with Hamilton Partners. Both of these approaches have been very difficult and time consuming.

Mike Gravitz reported that he is continuing to work with Otis elevator to step up our elevator service to more readily deal with cosmetic incidental repairs such as the numerous lights that often are burned out. The committee is also awaiting a revised proposal on the exterior window frame caulking.

Finance Committee

The Board unanimously appointed Ruby Dee Christensen, Cheryl Stapley and Deborah Pariseau as members of the Finance Committee. Other owners have expressed an interest will also be invited to attend the Committee Meetings.

Upon motion duly made and seconded, the Board approved the operating budget for the fiscal year 2003-2004 which begins on May 1, 2003. The budget incorporates an increase in the operating assessment of 3.2%. The increase is due in a large part to extraordinarily large increases in our property and casualty insurance premiums in the last two years.

Rooftop Gardening Committee

The Residential Trustees unanimously approved Gardening Committee Guidelines and Policy as follows:

In order to protect the investment on our rooftops including the membrane, arbor, pots, plantings, etc., the Board of Trustees has appointed a Garden Committee Chairman whose primary responsibility shall be to maintain a desirable rooftop environment with a pleasant, inviting ambiance for the use of all residents at American Towers.

The Chairman shall report to the Board, review and update the rooftop garden master plan annually, make recommendations to the Board, monitor the maintenance oft he rooftop gardens, train American Towers staff to maintain the garden, recruit volunteers as needed, and inform residents of gardening opportunities in the community.

No plantings shall be allowed without the express written permission of, or under the direction of the Garden Committee Chairman. There shall be no planting, watering, etc., of any plants for personal use, consumption, or decoration by any resident for any reason. Susan Crook is our Garden Committee Chairman. Norman Salisbury is the Board liaison.

American Parking Plaza

For informational purposes, the Board received the minutes of the American Parking Plaza Board Meeting held on February 26, 2003.

Next Meeting

The next meeting of the Board of Trustees was scheduled for Thursday, April 24, 2003 at 5:00 p.m. in the Community room. Owners are encouraged to set aside the last Thursday of each month to attend these meetings and provide the Trustees with valuable feedback and input.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Sandra Lee Sterns
Secretary