Minutes of the Board of Trustees Meeting

Wednesday, March 30, 2005

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, John Patton, Mike Gravitz and Sandra Lee Sterns

Commercial Trustees present and participating: Donna Boes and Steve Tester.

Trustees excused: Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes

The Minutes of the February 23, 2005 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Financial Statements: February 28, 2005

The Financial Statements for February 28, 2005 were reviewed by the Manager. The Association reported an unaudited operating surplus of $134,079 Year-to-Date as of February 28, 2005. The Common Reserve Fund has an unaudited balance of $252,275 and the Residential Reserve Fund has an unaudited balance of $434,561 as of February 28, 2005. The Board also reviewed the delinquency report.

Building Improvement Committee

Mike Gravitz reported that just prior to the power wash of the garage, all of the garage ventilation fans had been rebuilt or refurbished and fully operational. The carbon monoxide sensors that control the fans were also verified and appear to be operational as at least one fan on P2 turns on periodically during periods of higher traffic near the main thoroughfare. These sensors are designed to operate the fans only when needed in order to save energy and wear and tear on the fans themselves. Two fans still require adjustments on the pulleys in order to achieve the proper rotation speed.

It was reported that electrical repairs due to damage from the fire are well underway and replacement parts are nearly all on site. An eight to ten hour power outage will be required to install the replacement equipment and to complete the repairs. Ample notice will be given to residents of the north tower in advance of the power outage.

It was reported that the replacement of the fire alarm system is also well underway. The insurance adjuster has approved the replacement under our insurance claim for the fire. One additional cost, that of installing new wiring in conduit may not be entirely necessary since it appears that existing conduit with abandoned wiring from a previous system can be reused by removing the abandoned wiring. Most of the remote control panels on various floors have been already been installed. The main panel in the security office has not yet been installed. Upon completion, residents should expect substantial testing of all alarm devices and warnings when we certify and place the new system in service.

The AC system is now finally and fully complete. The Board of Trustees approved final payment to the contractor this month and it has been paid. We anticipate we will shortly receive the incentive payment from Pacificorp. for the energy efficient aspects of the system that were installed. Of interest to owners is that as part of the system, a web server controller has also been installed to monitor and control the system from remote locations, literally anywhere in the world with internet access. We anticipate that this will soon be accessible to residents over the internet in a "view only" mode.

It was reported that most of the Trustees have, over the past few months, been meeting frequently with the American Plaza Parking Board to discuss and supervise the various aspects, engineering, plans and bidding of the project. The bidding is in the final stages and the contract, despite some last minute delays from some of the other property owners, may be awarded as early as next week.

Finance Committee

The Board reviewed the revised proposed operating budget for fiscal year 2005-2006 and a schedule of a proposed increase in the Residential Reserve Assessment. While the operating fund assessment will remain unchanged for the coming year, an increase in the Residential Reserve fund to pay for the plaza project will amount to an approximate 6% increase on average to the total monthly condo fees. The budget also includes several specific proposals from the finance committee to be enacted by management to improve our financial controls and reporting. These proposals were all read and discussed in detail and include controls on ordering supplies, purchase orders, inventory control, general ledger detail and descriptions, and financial and incident reporting to the Trustees.

After motion duly made and seconded, the Board unanimously approved the proposed budget for fiscal year 2005-2006 and approved the proposed increase in the Residential Reserve fund monthly assessment.

APP Board Meeting Minutes

The Board received and reviewed the American Plaza Parking Board meeting minutes of January 26, 2005; February 8, 2005; February 23, 2005; and March 14, 2005. It was also reported that many Trustees, in addition to having attended these meetings also attended an APP meeting held on March 29, 2005 in which minutes have not yet been prepared and distributed.

Next Meeting

The next meeting is scheduled for Wednesday, April 27, 2005.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz