AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, April 25, 2002

4:00 P.M.

Blane van Pletzen called the meeting, convened in the community room, to order at 4:00 p.m.

Residential Trustees present and participating: Blane van Pletzen, Irene Link and Norman Salisbury

Commercial Trustees present and participating: Donna Boes and Deborah Pariseau

Excused: Tom Halleran, Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: March 28, 2002

The Minutes of the March 28, 2002 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: March 31, 2002

The Financial Statements for March 31, 2002 were reviewed by the manager. The Association reported an unaudited loss of $8,380 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $122,377 and the Residential Reserve Fund has an unaudited balance of $241,321. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency.

Building and Improvement Committee

The Board formally appointed Mike Gravitz to serve as the Chairman of the Committee, Paul Carpenter and Susan Crook as Committee members, and Donna Boes and the Commercial member of the committee. Mike reported that the committee has recently met and will be investigating a number of areas for improvement. The committee continues its work in attempting to seal the water penetrations through the windows and will also be evaluating the performance of the chillers this summer. Other members of the committee will be looking into possible alternatives or advancements in pool and spa chemical technologies.

Finance Committee

Willard Homer formally submitted his resignation as the chairman of the Finance Committee and reported that he will be moving shortly and that his condo is for sale. The Board thanked Willard for his outstanding service in organizing the committee into an important functioning committee that worked hard and served well. The Board formally appointed Shinika Sykes as the Committee Chairperson and also appointed Paul Carpenter to serve on the committee with Larry Shelton as the Commercial member of the committee. Willard reported that the committee had recently met and reviewed the procedures for our insurance renewal that is coming up in the next two months. The Board will be reviewing all of the insurance coverage as well as the renewal bids.

Rooftop Closing Time

The Board is presently reviewing a proposal to keep the rooftops open for use after the present closing time of 12:00 a.m. The Board is concerned about several issues such as safety, liability and noise from large groups, and would like to receive additional input before making this change. The Board plans to review these issues before the next meeting and plans to have it on the agenda.

Next Meeting

The next Board Meeting is scheduled for Thursday, May 30, 2002, at 5:00 p.m. The Board of Trustees cordially invites all residents to plan to attend regularly, setting aside the last Thursday of each month at 5:00 p.m.

Open Forum

Residents were invited to discuss any issue that appropriately should also be discussed at the City Council meeting scheduled for 5:30 p.m. Some speaking time had been reserved for American Towers. Board member Blane van Pletzen has indicated that he will be attending and speaking on many of the issues raised. All residents were invited to also attend. Residents requested that late night noise from the weekend Gallivan concerts be raised.

Adjournment

The meeting adjourned at 5:00 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.