AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, March 24, 2010

5:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: Mike Gravitz, Bret Marshall, Steve Campbell.

Commercial Trustees present and participating: Donna Boes, Heather Bowen, Taymour Semnani.

Excused: Janet Fisher

Approval of Previous Minutes

The Minutes of the February 25, 2010 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from February 28, 2010 were reviewed. The Association reported an unaudited operating surplus of $42,058.27 Year-to-Date as of February 28, 2010. The Common Reserve Fund has an unaudited balance of $395,310 and the Residential Reserve Fund has an unaudited balance of $299,723 as of February 28, 2010. The Board also reviewed the delinquency report.

The Committee reported that it has reviewed the first draft of the reserve studies and has requested a revised and final copy. They continue to review the operating budget which at this time does not appear to require an increase in the monthly assessment. While the initial drafts of the reserve studies recommend an increase in the reserve fund assessments resulting in a modest overall increase in the monthly assessment, the committee will await the final draft before making a final recommendation to the Board.

The committee is also reviewing the bids received thus far on the boiler replacement and also awaits the final bids and analysis from our consuting engineer.

Building Improvement Committee

The Building Improvement Committee reviewed the recent flood of March 10 stemming from the startup of the new pumps which blew a pipe due to temporary overpressurization. The flood affected six condos. Management has drafted a letter, currently under review by the Trustees, which outlines what the Association is financially responsible for such as walls and windows as prescribed by the Declaration. The letter also encourages owners or residents to maintain their own insurance policies for their personal property and contents which the Association is not responsible for. The Board suggested that the letter, when finalized should be sent to all owners or included in the newsletter.

The committee reported that the new domestic hot and cold water pumps have been installed and are performing very well. The pumps still have to be commissioned by our engineer after which we will receive our incentive payment from Pacificorp. The committee also reported that they are also reviewing the bids on the boiler replacement project.

The committee also reports that our plumbers have located some high pressure flex hoses that can reliably be used in place of hard copper tubing for vanity supply lines, one of which failed last year causing a major flood. The committee awaits firm cost estimates for parts and labor to install.

Mike Gravitz reported that he has met with at least one plumber in an effort to solicit costs for replacement of vanity water supply lines with hard copper tubing to replace the flex lines that recently failed. He will report back when he gets the additional costs and estimates for this approach to solving the problem.

Mike Gravitz reported that in response to several complaints regarding the noisy Hilton Hotel rooftop cooling tower fan, he and AT management visited with the management of the Hilton Hotel to confirm the cause of the recent noise and possible solutions. They recently had upsized and sped up their fan motors causing the excessive noise. They reported that they now have variable speed drives installed on the fans and can undertake a useage management plan to try to mitigate the noise during months when AC is not in high demand. They indicated they would respond further in writing.

Following the request of an owner present, the Board confirmed that the vertical water risers, or pipes within the walls of individual condos may not be re-routed when owners wish to move the walls to another location for remodelling.

American Plaza Parking Meeting Minutes

As there was no intervening meeting, there were no minutes to review. The APP manager has recently clarified that the validation stamps may not be used to satisfy the $2 overnight and weekend rate for AT residents and visitors. The gate attendants will require the $2 in cash.

Lobby Refurbishment

The redecorating has been substantially completed. There are a number of punchlist items yet to complete. The Board is making the final decision as to the format for an auction to sell the old furnishings to bidders. It is anticipated that the auction will take place in late April and that the next phase of the project, the North Elevators, will begin in May or June.

Next Meeting Schedule

The next meeting was scheduled for Thursday, April 22, 2010 at 5:00 p.m.

Adjournment

The meeting adjourned at 6:00 p.m.