AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, April 27, 2001

5:00 P.M.

Tom Halleran called the meeting, convened in the community room, to order at 5:00 p.m.

Residential Trustees present and participating: Tom Halleran, Blane van Pletzen, Bruce White

Commercial Trustees present and participating: Donna Boes, Deborah Pariseau, Larry Shelton

Management present and participating: Joe Toronto

Excused: Betsy Bradley

Approval of Previous Minutes: March 29, 2001

The Minutes of the March 29, 2000 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved. The Board requested that the present minutes also state that the previous reference to the "underground" website was not intended to convey a negative connotation and recognized that it has been an informative forum.

Financial Statements: February 28, 2001

The Financial Statements for March 31, 2000 were reviewed by the manager. The Association reported an unaudited loss of of $32,920 Year-to-Date for the Operating Fund. The increase in gas prices is responsible for nearly all of the deficit. The Common Reserve Fund has an unaudited balance of $316,673 and the Residential Reserve Fund has an unaudited balance of $257,880.

Building and Improvement Committee Report:

The manager reported that the exterior restoration is progressing on schedule. The west face is now completed and the entrance to the garage is also open. The windows are presently being washed by the contractor instead of our window cleaning company. The high degree of sediment on the windows is difficult to clean by rappelling from ropes and requires cleaning from the stages. The north side is still to be cleaned.

Design Committee Report:

Blane reported the results of the opinion survey sent out to owners last month. Regarding the North Tower roof sport court, 105 (or 69.5%) favored removal of the sport court and 45 (or 29.8%) want to keep it. Regarding pets, 102 (or 59.6%) favor keeping the ban on animals as is, 63 (or 36.8%) favor an amendment allowing some pets with restrictions, and 6 (or 3.5%) favor an amendment allowing all animals. This is an opinion survey only and not an official vote. The purpose of the survey is to assist the Board in determining whether to incur the expense of taking an official vote. The Board will take the results of the survey under advisement.

One of the biggest concerns of the Board is the appearance of our "backyard", namely the rooftop recreation areas. Blane van Pletzen reported that he is actively seeking and receiving proposals and estimates from vendors and contractors to make our "backyard" rooftops the finest available and suitable for first class entertaining. These proposals include, landscaping, plants & planters, arbor, shade, concrete fabrication, furniture, Bar-B-Que, and noise abatement for the equipment.

Olympics:

The Salt Lake Olympic Committee has contacted the Association regarding the possibility of having American Towers participate in a promotion wherein huge posters and pictures of Olympic athletes will be hung from all of the large buildings in the downtown area, similar to the American Stores Building last year. It was reported that in order to hang the pictures, an enormous quantity of fastening bolts are used and penetrate the surface of the structure. In light of our present exterior refurbishing and sealing, the Board voted unanimously not to participate in this particular promotion.

It was suggested that the Board form an Olympics committee to make recommendations to the Board regarding issues, many unanticipated, relating to the Olympics next year. Persons interested in serving, may contact the management office. The Board also suggested that representatives of the Olympic Committee make a presentation at the next Board Meeting.

Next Meeting

The next meeting is scheduled for Thursday, April 26, 2001, at 5:00 p.m. A presentation from the Olympic Committee is planned for the agenda. The Board of Trustees cordially invites all owners to plan to attend regularly, setting aside the last Thursday of each month at 5:00 p.m.

Adjournment

The meeting adjourned at 6:30 p.m.

Respectfully submitted,

/s/ Blane van Pletzen
Secretary

Notice: These minutes, as they appear in this newsletter, have not yet received final approval from the Board of Trustees. Consequently, they may be corrected, or supplemented, by the Trustees prior to approval at the next scheduled meeting of the Board.