AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, May 25, 2005

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, Sandra Lee Sterns, and Mike Gravitz.

Commercial Trustees present and participating: Larry Shelton and Donna Boes.

Trustees excused: John Patton

Management present and participating: Joe Toronto

Approval of Previous Minutes

The Minutes of the April 27, 2005 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Financial Statements: April 30, 2005

The Financial Statements for April 30, 2005 were reviewed by the Manager. The Association reported an unaudited operating surplus of $150,727 Year-to-Date as of April 30, 2005. The Common Reserve Fund has an unaudited balance of $245,477 and the Residential Reserve Fund has an unaudited balance of $453,516 as of April 30, 2005. The Board also reviewed the delinquency report.

Building Improvement Committee

Mike Gravitz reported that the installation of the fire alarm system is nearing completion and that a substantial amount of testing remains to ensure the integrity of the system. We have requested that all of the wiring between panels be installed inside of conduit to at least meet or exceed code requirements.

It was also reported that during the demolition of the plaza surface one of the post-tension cables that was protruding above the surface of the concrete, was cut by the concrete saw doing the demolition. The Board reviewed the structural engineering report of the incident and possible repair.

There is one final aspect of the air conditioning system to be completed. Management has been cleaning up and preparing the graphical interface of the control system for a web server that will be made available to residents over the internet on a "read-only" basis so that all can observe the status, condition, and operation of the various pieces of equipment such as pumps, boilers, chillers, cooling tower etc. As soon as this project is complete, we will make the web address and login available to all residents and perhaps sponsor a show-and-tell kick-off event.

The committee proposed and the Board discussed a program to accommodate owners who wish to replace the angle valves in their units without the usual water shut-off fee. The angle valves are the small shut off valves under the toilets and the sinks and vanities. They leak or fail frequently causing water hazards to other units. It is in the interests of the Association to invite and accommodate owners to replace these with the quality ball valves we now use. It was recommended that the Association invite all owners who wish to replace these valves to place their names on a list. The staff will then week by week schedule and perform a water shut-off for the vertical risers that affect a series of Units at no charge. The owners of the affected Units will be responsible to pay for the plumbers and parts. The Association will also attempt to obtain flat rate pricing for the owners from several plumbers. The advantage to owners is the they can change out these substandard and hazardous parts while avoiding the water shut-off fee. The advantage to the Association is that in addition to providing an incentive to owners, the staff will also be able to schedule these many water shut-offs only as they are able to easily accommodate them over a period of several months.

The Board agreed to evaluate the proposal further and requested additional information regarding estimated costs, time involved and further input from the maintenance staff.

Hamilton Partners

The manager reviewed a brief update on the status of the property rights dispute with Hamilton Partners. Recent discussions with the principal of the firm revealed that they were not aware of their contractual right in the REA agreement to join the parking garage and to tie a new future garage on their property into our existing garage. After giving them the appropriate documents and after further discussions, Hamilton Partners appears to be quite interested in the option and may resolve many obstacles and issues for both parties especially in regards to excessive traffic in our alley.

Next Meeting

The next meeting is scheduled for Wednesday, June 29, 2005.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary