AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, April 24, 2003

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, Irene Link, Sandra Lee Sterns and John Patton

Commercial Trustees present and participating: Larry Shelton and Donna Boes

Management present and participating: Joe Toronto

Approval of Previous Minutes: March 27,2003

The Minutes of the March 27, 2003 Board of Trustees Meetings, upon motion duly made and seconded, were unanimously approved.

Financial Statements: March 31, 2003

The Financial Statements for March 31, 2003 were reviewed by the Manager. The Association reported an unaudited loss of $22,471 Year-to-Date as of March 31, 2003. The Common Reserve Fund has an unaudited balance of $113,077 and the Residential Reserve Fund has an unaudited balance of $314,962. The Board also reviewed the Delinquency Report and the Managers explanation report of each delinquency.

Building and Improvement Committee

HVAC Update: The Board is presently seeking a workable alternative to installing an entire new plant on the land we would have to purchase from Hamilton Partners. We now know new chillers cannot be installed before summer and consequently have asked our consulting engineer to investigate the replacement of the system in our mechanical room where our existing chillers are located to facilitate a change out next fall and winter. We are also checking with the city to ensure that the city will agree to grandfather our existing configuration without requiring additional code construction.

The committee also reported that the window caulking bid is in hand from Premier Windows and is very close to the original bid with an additional allowance for time and adverse conditions. There is no urgency to perform this work and the bid is good until the Board determines we are able financially to do this work.

Norman Salisbury reported that on April 21 we had another flood as a result of a burst washing machine hose that was standard issue and not the high pressure hoses that we require. The flood damaged most of the condo, most of the common area hallway outside the door, several other condos on that floor and several condos two floors below. Following this flood, the Board requested spot inspection of 12 condos and found 3 without the high pressure hoses. Norman then made a motion to require that all condos use the high pressure hoses, that the Association provide notice of inspection by mail and other means and then inspect all units to ensure that the high pressure hoses are installed. Those units that do not have them can purchase them prior to inspection at the management office for $35. If we install them as a result of the inspection, the charge will be $75. The inspection of the condos is to take place as soon as possible following the advance notice to be provided to owners and residents. The motion was seconded and passed unanimously.

Finance Committee

Cheryl Stapley reported that the committee appointed Shinika Sykes to continue to coordinate meeting times for members. John Patton as Trustee was appointed as liaison to the Board and Management. The Committee renewed its request to review expenditures in excess of $2,000 which the Board had previously authorized.

The committee noted the recent budget mailing and suggested for future reference, it would be helpful to include the assessments for the Reserve Funds even if they don't change and requested management also include a table of the actual assessments for all of the various sized units.

It was reported that the Board had already approved the 2003-2004 fiscal year operating budget with all of the recommended changes of the Finance Committee. The Committee specifically requested the Board to affirm one line item, payroll, and approve a policy that no pay raises or cost of living increases be given to employees this year because of the recent assessment increase and anticipated air conditioning assessments. Upon motion duly made and seconded, the Board unanimously approved the request.

The committee will shortly be reviewing three audit proposals for this years auditor. It is hoped that some savings will be realized by including the tax return and perhaps payroll servicing. The committee also made a request to investigate possible savings in our employee health insurance premiums by becoming a member of the Utah Nonprofits Association. Since each employee pays 25% of their own premium, some savings here without reducing benefits, could increase our employees take-home pay which would help to offset our freeze on cost of living pay increases.

American Parking Plaza

The next meeting of American Parking Plaza Board will be held on April 30, 2003. Sandra Lee Sterns proposed that the Board approve a motion requesting American Plaza Parking address the late night skate boarding and roller blading problem we frequently have on the north plaza with some signage, more frequent patrolling by APP security in addition to our own security and the addition of some deterrents would be helpful. Upon motion duly made and seconded the motion was unanimously approved.

Next Meeting

The next meeting of the Board of Trustees was scheduled for Thursday, May 29, 2003 at 5:00 p.m. in the Community room. Owners are encouraged to set aside the last Thursday of each month to attend these meetings and provide the Trustees with valuable feedback and input.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Sandra Lee Sterns
Secretary