AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, June 27, 2002

5:00 P.M.

Irene Link called the meeting, convened in the community room, to order at 5:00 p.m.

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

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

Excused: Tom Halleran

Management present and participating: Joe Toronto

Approval of Previous Minutes: May 30, 2002

The Minutes of the May 30, 2002 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: May 31, 2002

The Financial Statements for April 30, 2002 were reviewed by the manager. The Association reported an unaudited income of $7,803 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $119,483.42 and the Residential Reserve Fund has an unaudited balance of $229,797. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency.

Building and Improvement Committee

Mike Gravitz welcomed, and the Board approved, Affifa Ahmad as a new member of the Building Improvement Committee to look into improvements in our security system. Mike also reported that we have competed the first phase of the window frame sealing project. Four condos at the top of the north tower have been completed, both on the inside and outside, many others have been completed on the inside. He believes that a severe driving storm will be required to ultimately test whether the procedure is successful. We are proceeding to complete all of those condos that have reported problems in the past. The committee is continuing to compile data to evaluate if all of the windows need to be done and what the cost will be. The owner of one of the condos reported a substantial decrease in wind noise. The manager reviewed a memorandum to the Trustees which outlined several ongoing major repair items that are in progress. Work continues on the North Tower roof leak. We are expanding the repair area. The leak persists. John Frank is working on an evaluation and proposal to alleviate the limitations of the cooling tower and its ability to supply water to the chillers. Repairs and modifications have been made to the hot water supply lines to 2701S in order to increase the flow and pressure to that condo. He may make additional recommendations to improve the pressure to all of the upper floor condos. Repairs are being made to the parking garage ventilation fans that have been inoperable for some time. Seals in several commercial windows will soon be repaired. Electrical outlets are soon to be completed on the rooftops in order to operate the fountains there. New drainage is being installed on the rooftops in order to drain the spas into the domestic sewer instead of the storm drainage system due to a citation from the city. Installation of a variable speed drive on the Commercial Air Handler #2 has been completed following a failure of that air handler.

Finance Committee

Gail Theurer was approved a new member of the Finance Committee and she reviewed the written report of the committee to the Board. The committee is presently reviewing the insurance renewal and reported that our present carrier has formally notified the Association that the renewal premium increase may exceed 25%. The policy is being competitively bid by two agencies with access to more than a dozen underwriters presently active in the high rise condo market.

The committee recommended, and the Board approved, appointment of Grant Thornton to perform our annual audit. The committee also recommended that the audit be competitively bid to new auditors next year, that the auditor should be rotated every few years.

The committee also asked that the Financial reporting in the minutes be expanded and clarified for owners who read them in the newsletter. Concern was expressed that the operating fund was reported with a large deficit due to energy costs for the previous fiscal year without and explanation as to how this is possible. It should be reported that surpluses from previous years are being used.

The Board suggested that the Committee look at investment alternatives for our Reserve funds that are presently invested in money market funds presently earning less than 2% in interest.

Next Meeting

The next Board Meeting is scheduled for Thursday, August 1, 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.

Adjournment

The meeting adjourned at 7:00 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.