AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, June 28, 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, and Bruce White

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

Management present and participating: Joe Toronto

Excused: Betsy Bradley

Approval of Previous Minutes: May 31, 2001

The Minutes of the May 31, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: February 28, 2001

The Financial Statements for May 31, 2001 were reviewed by the manager. The Association reported an unaudited loss of $12,181 Year-to-Date for the Operating Fund. The increase in gas prices is responsible for nearly the entire deficit. The Common Reserve Fund has an unaudited balance of $139,427 and the Residential Reserve Fund has an unaudited balance of $271,879.

President Excused:

Tom Halleran, in order to meet other obligations, asked to be excused from the meeting. Bruce White acted as Chairperson for the remainder of the meeting.

Building and Improvement Committee Report:

Ron Davis reported that the building exterior restoration is nearing completion with some punchlist items and cleanup remaining. Flashing on the south tower parapet wall still needs to be installed along with the finishing of coating of commercial.

Ron reviewed the lighting contract with PacifiCorp. We are nearly halfway through the five-year agreement and our electrical expenses are still below historical averages, even after the surcharge for the energy saving retrofit.

The concerns of certain members of the Building and Improvement Committee regarding the Rooftop project were reviewed and addressed by the Board in detail. Several owners reaffirmed their support of the unanimous Resolution of the Board to proceed with the Rooftop improvements at the May 31, 2001 Board of Trustees Meeting.

The committee recommended that, in light of frequent occurrences of breakdown of the domestic hot water recirculation pumps, motors, bearings etc., that the engineer who designed the system be contacted to review and recommend if the motors and pumps were properly sized for the project.

Design Committee Report:

It was reported that all of the contracts for the rooftop improvements have been awarded. Concrete staining and sealing will begin shortly as will the refurbishment of the spas and pump houses. The furnishings and plantings will be installed as soon as the concrete staining permits and will be followed by the construction of the arbors and the installation of the grills. The Design Committee anticipates that the South Tower will be accessible to tenants no later than July 20th, 2001. The North Tower spa will remain operable throughout construction, although the area formally occupied by the Sport Court will remain off-limits until the roof membrane is permanently covered. The Board reminded residents to observe any cordoned-off construction areas whilst on the roofs.

The Board appreciates the patience of American Towers homeowners during construction. Frequent updates concerning the Rooftop improvements will appear in the elevators from time to time.

Olympics Committee:

The Owners Association Olympic Committee was formally organized and will report at a future meeting with recommendations regarding potential issues and possible policies that they feel the Board should address as a result of anticipated impact on American Towers before, during and after the 2002 Olympiad.

SLOC Cityscape Proposal:

The opinion of the Associations attorney was reviewed by the Board. General consensus was that the language was overly restrictive and since payment will not be made until November, the Board felt no urgency to make a final decision. If the Board chose to proceed with a less restrictive agreement, there still would be no need to sign until closer to the time that SLOC is ready to make payment.

Next Meeting

The next meeting is scheduled for Thursday, July 26, 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.