AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, May 31, 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

Excused: Joe Toronto, Betsy Bradley

Approval of Previous Minutes: April 26, 2001

The Minutes of the April 26, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Building and Improvement Committee Report:

Ron Davis reported that the building exterior restoration will be completed within the next couple of weeks. The concrete has been repaired, windows all have new caulking and the surface has been sealed to prevent moisture penetration.

A visual inspection was conducted of the common areas of both towers and it was noted that the wood trim in many areas including the doors to condos are in need of touch up painting. It was recommended that doors that require repainting should be charged back to the owner. The cost is estimated to be $35. A repair is also required on the North Plaza stairs to the alley.

Owners should be reminded that our maintenance staff has priority duties keeping all of our mechanical, heating, cooling, trash and other facilities it top shape. They try to accommodate individual owners as much as possible but frequently there are extended delays for specific work requests because of their other duties. Owners are also reminded that work performed by our staff inside of their condo must be paid for, to the Association, and is not covered by condo fees.

Design Committee Report:

The Board, having previously received detailed packages of the proposed rooftop garden improvements, discussed the feasibility of commencing and completing the project this summer. The Manager, in memo form, reviewed the financial outlay required to complete the project. He noted that several of the itemized improvements for the rooftops appropriately fell in the categories of scheduled replacement items detailed in the most recent Residential Reserve Study. The Acrylic Spas were scheduled for replacement in 2000 at a cost of $10,000. The proposal anticipates that this will be the ultimate cost of replacement.

The patio furniture in the Reserve Study was also scheduled for replacement in 2000 at a projected cost of $10,663. This will be accomplished with Item numbers 3,5,7 in the proposal for furniture, plants and grills at a cost of $10,090.

The Community Room kitchen, scheduled for refurbishment in the Reserve Study in 2001, appears to be unnecessary at the present time as improvements and appliances have all been recently replaced. The anticipated expenditure of $17,510 could appropriately be applied towards rooftop improvements. The landscaping and furniture has been bid at $17,202.

The arbors and concrete treatment in the proposal are new and unbudgeted expenditures. These items should be included in the Reserve Study for present and future funding, maintenance and replacement.

The Board is aware that the assessment placed on the Common Reserve Fund is anticipated to be removed in September of this year at which time the Board also anticipates increases to the operating fund to pay for the gas price increases. The Manager recommended that the Board authorize management to obtain new reserve studies and that the assessments in all three funds be reviewed together in September and include the new items in this proposal. At that time, an anticipated increase in the Operating Fund, a modest increase in the Residential Fund with these items, in the context of a large decrease in the Common Reserve Fund, would likely result in a relatively modest increase in the total assessment.

Following a motion, duly seconded and unanimously approved by Residential Trustees, it was:

RESOLVED that the Manager is hereby authorized to obtain new reserve studies and that the assessments in all three funds be reviewed together in September and include the new items in this proposal.

Following a motion, duly seconded and unanimously approved by Residential Trustees, it was:

RESOLVED that the Rooftop Garden project, as detailed in the proposal, is hereby approved and that construction should commence immediately so that residents of American Towers can enjoy this new amenity during the Summer months.

FURTHER RESOLVED that the North Tower Sport Court, scheduled for refurbishing in 2002, is hereby to be dismantled to make way for the various rooftop garden items described in detail in the proposal.

Olympics:

Representatives of the Salt Lake Olympic Committee made a presentation to the Board regarding the impact of Olympic Games activities in the downtown area including traffic flows and events. This was followed by a question and answer session.

SLOC Cityscape Proposal:

The Cityscape Program is a proposal to have large downtown buildings provide large displays for the Olympic Games. The Board previously voted, due to our "not yet dry" refurbishment, to not attach any large displays to our structure. The agreement before the Board stipulates that if we will not use a SLOC display, then we will also not use any other display from any other sponsors as well.

Larry Shelton expressed concern at the specific and restrictive language of the legal contract. Upon motion, duly seconded and unanimously approved, it was:

RESOLVED that Larry Shelton and the Manager have their respective counsels review the SLOC document for further discussion at the next Board of Trustees Meeting.

Next Meeting

The next meeting is scheduled for Thursday, June 28, 2001, at 5:00 p.m. 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.