Minutes of the Board of Trustees Meeting

Thursday, March 2, 2006

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, and Mike Gravitz and Sandra Lee Sterns

Commercial Trustees present and participating: Larry Shelton, Donna Boes and Taymour Semnani.

Approval of Previous Minutes

The Minutes of the January 25, 2006 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from January 31, 2006 were reviewed by the Manager. The Association reported an unaudited operating surplus of $27,898 Year-to-Date as of January 31, 2006. The Common Reserve Fund has an unaudited balance of $221,065 and the Residential Reserve Fund has an unaudited balance of $276,812 as of January 31, 2006. The Board also reviewed the delinquency report.

The Finance committee reviewed and recommended approval of several items. The committee reviewed proposed updated data for a renewed reserve study for both of the reserve funds. This data will be submitted for us to receive draft report for review before a final report is prepared.

The committee reviewed and recommends approval of the service agreement from Wasatch Electric to service and maintain the new fire alarm system which provides for testing of all devices annually, with quarterly maintenance and staff training. The agreement is to begin on May 1, 2006 and was also reviewed in prior Board meetings.

The committee continues to review and revise the proposed 2006-2007 operating budget. The committee is also reviewing and revising the first drafts of the reserve studies for the coming fiscal year.

Building Improvement Committee

Mike Gravitz reported that the ongoing monthly testing for Legionella bacteria is beginning to show slowly rising levels of the bacteria in the return lines of our recirculation system. These levels remain far below the treatment threshold recommended by OSHA. He reported that in an effort to evaluate the effectiveness of our "cook and flush" procedures, we will perform a "cook" operation without the "flush" to see if this could still be effective in reducing the bacteria count.

The plaza construction is nearing completion with several projects and areas that will be performed later after the weather clears. Our loading dock area is under construction and will be completed soon. Additional testing remains to be done as there appears to be continuing leaking into the garage in isolated areas.

The committee also reviewed and recommended approval of the fire alarm service and maintenance agreement with Wasatch Electric which had previously been reviewed by the Board.

The committee also reported that Utah Power has now contracted with John Frank, our consulting engineer, to perform an energy study for them for the purpose of evaluating participation and incentives that may be available to us to replace our hot and cold water pumping stations with new energy efficient motors and pumps.

The committee continues to evaluate proposals to waterproof the elevator pits and has some remaining questions regarding procedures and warranties from the bidding contractors.

Fire Alarm System Service and Maintenance Agreement

Upon motion duly made and seconded, the Board unanimously approved the Fire Alarm Service and Maintenance agreement with Wasatch Electric.

Proposed Rules for Remodeling

The Board reviewed the proposed rules for remodeling which had been published in the newsletter for comment. The Residential Trustees upon motion duly made and seconded unanimously approved the rules and requested some further additions. The Board requested that the rules include provisions for contractors to provide to the Association certificates of insurance with the Association named as the certificate holder, to provide for owners to notify adjacent residents of the remodel and what to expect in terms of noise or inconvenience, and to provide that portions of walls that do not contain pipes, plumbing or drains may still be modified.

American Plaza Parking Meeting Minutes

The Board received and reviewed the American Plaza Parking meeting minutes of January 31, 2006 and received an update of the progress of the plaza waterproofing project.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz