AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, March 29, 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 March 2, 2006 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from February 28, 2006 were reviewed by the Manager. The Association reported an unaudited operating surplus of $20,779 Year-to-Date as of February 28, 2006. The Common Reserve Fund has an unaudited balance of $211,012 and the Residential Reserve Fund has an unaudited balance of $296,174 as of February 28, 2006. The Board also reviewed the delinquency report.

The Finance committee reviewed and recommended approval of several items. The committee reviewed the final draft of the new reserve studies and the 2006-2007 proposed operating budget and assessment and recommends approval. The Board wished to give additional time for the manager to prepare additional documentation and Commercial additional time to review before approving.

The committee continues to evaluate possible proposals to either require or encourage owners to obtain their own insurance for condo contents and owner liability.

Building Improvement Committee

Mike Gravitz reported that the most recent Legionella bacteria tests show that the bacteria is growing back slowly although still far below the threshold of concern as indicated by OSHA. Last month we attempted to determine if a "cook" without a "flush" would be effective in reducing the count and it did in some degree, but not as effectively as a "cook & flush". Consequently, we will be conducting a "cook & flush" operation shortly. Our test results show that each "cook & flush" operation gives us approximately 9 months of very low bacteria readings before the count rises significantly.

The plaza construction is now complete and the contractor is dealing with final issues including some puddles that do not drain properly in areas of concern, especially in front of the North Lobby entrance. The committee continues to monitor final repair of several leaks that will also have to be dealt with. The expansion joint on the plaza near the north west corner of the north tower has a significant leak that will need to be repaired. In addition, the pipes in front of the P1 north elevator lobby continues to drip. The engineer has requested, and we have agreed, that we assist in testing to try to determine the source of this persistent leak.

The committee continues to work with Otis Elevator to try to solve and address a persistent water problem in the elevator pits below P3. This is a very difficult problem as the pits have previously been sealed and the water appears to be entering the pits around the six foot thick concrete foundation slab of the tower.

Our TV contract with Comcast expires in approximately two years and the committee is getting an early start on evaluating our future needs including possible bulk internet access in preparation for contract renewal negotiations. The committee is also awaiting work from Utah Power for the extent of their participation in replacing our hot and cold water pumping stations with energy efficient VFD motors and pumps.

Proposed Rules Changes

Upon motion duly made and seconded, the Board unanimously approved the additions and changes to the Rules and Regulations regarding Owners engaging in remodeling. The proposed additions and changes were previously published in the newsletter and reviewed by the Board.

American Plaza Parking Meeting Minutes

The Board received and reviewed the American Plaza Parking meeting minutes of February 28, 2006 and received an update of the progress of the plaza waterproofing project.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary