AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, March 27, 2008

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, Mike Gravitz, Sandra Lee Sterns, and John Patton

Commercial Trustees present and participating: Donna Boes, and Jonathan Dunn.

Approval of Previous Minutes

The Minutes of the February 7, 2008 Board of Trustees Meeting upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from February 29, 2008 were reviewed by the Manager. The Association reported an unaudited operating surplus of $84,789 Year-to-Date as of February 29, 2008. The Common Reserve Fund has an unaudited balance of $244,425 and the Residential Reserve Fund has an unaudited balance of $431,453 as of February 29, 2008. The Board also reviewed the delinquency report.

The Finance Committee reviewed a request from the Building Improvement Committee to re-visit a request to replace our domestic hot water pumps with variable frequency drive motors and pumps. The Committee noted that the Rocky Mountain Power incentive payment and participation is still available but will investigate if that has increased due to the estimated increased costs of the project.

The Finance Committee is also evaluating alternatives ways of proceeding with potential upgrading or remodeling of some of our lobbies and common areas including evaluating immediate needs and respective cost estimates and expects to propose a reasonable plan in the near future. The Board approved the purchase of new chairs for the South Lobby. Management has been in the process of lighting and painting upgrades in many of the common areas. The Board also approved re-carpeting the stairs and hallway to the racquetball courts, replacement of the scrape mats in the vestibules of both the north and south lobbies. The Board also approved the purchase of a new commercial grade treadmill for the exercise room.

The Finance Committee will have a proposed 2008-09 budget for Board approval by the next meeting. The committee does not anticipate proposing any increases in the monthly assessments.

Building Improvement Committee

The Building Committee reported that our recent legionella "cook and flush" exercise appears to have been successful as the follow-up testing showed either no legionella bacteria or in two cases negligible amounts. We will re-test again in a few months to see if those results will follow previous experience by remaining for many months.

The committee is requesting that we re-visit the proposal to replace our domestic hot and cold water pumps. Some recent failures have re-emphasized our risks of maintaining this old equipment. Including the Rocky Mountain Power incentive payments, our estimated cost has increased to $100,000. The committee recommends approaching Rocky Mountain Power again to see if their incentive will increase as a result of the increased costs.

Maintenance of the garage fans and the CO sensors are now being maintained by APP and they have also agreed to entirely replace one fan on P2 which is in need of replacement. The new security camera/recording system is up and running and functioning very well.

Review of APP Meeting Minutes

The Board reviewed the minutes of the American Parking Plaza board meeting minutes of January 29, and February 26, 2008.

Next Meeting

The next meeting is scheduled for April 30, 2008.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary