AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, June 29, 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, John Patton and Mike Gravitz.

Commercial Trustees present and participating: Taymour Semnani and Donna Boes.

Trustees excused: Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes

The Minutes of the May 25, 2005 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Financial Statements: May 31, 2005

The Financial Statements for May 31, 2005 were reviewed by the Manager. The Association reported an unaudited operating surplus of $16,415 Year-to-Date as of May 31, 2005. The Common Reserve Fund has an unaudited balance of $240,181 and the Residential Reserve Fund has an unaudited balance of $241,924 as of May 31, 2005. The Board also reviewed the delinquency report.

Building Improvement Committee

Mike Gravitz reported that the plaza project is proceeding very well. Having removed the surface layer of concrete, the engineers have inspected and tested the structural concrete and have discovered that it is in excellent condition and has performed very well. However, the drains that were installed in the 1997 repair were reportedly all installed incorrectly which did not allow for proper drainage of both the surface and subsurface water from the plaza. The additional expense of installing new drains is covered by the contingency allocations allowed for in the overall cost of the project.

The Board reviewed a proposal to allow all owners a one time "free" water shut-off ("free" meaning no water shut off fee) for the purpose of replacing all angle valves in their Unit at their own expense. The Association would simply coordinate the timing of the water shut-offs over a period of several months and notify each owner wishing to participate when their turn is coming up. The Board simply requested further information from maintenance regarding the logistics of so many water shut-offs and also costs to owners including possible bulk rates or competitive proposals from plumbers.

The air conditioning system is performing beautifully. The only remaining item is final programming of the internet interface so that management and maintenance can monitor and control the system over the internet and interested owners and residents will also be able to log in and observe it's functions and performance.

The fire alarm system is fully installed and functioning, however, the final testing which is quite involved and requires testing of smoke devices and speakers in each Unit, still has to be performed. We anticipate that this will take place shortly. Owners should expect notices for this testing in the near future.

Finance Committee

Upon motion duly made and seconded, the Board unanimously approved the appointment of Ed Lin to serve as a member of the Finance Committee.

John Patton reported that the Finance Committee is diligently working to produce an updated Reserve Study to take into account our new air conditioning system and to update the life expectancy of our remaining mechanical equipment and estimated maintenance or repair costs. The results of these studies are helpful in establishing an adequate level of assessements for the reserve funds.

The Finance Committee will also be reviewing our property and earthquake policies which come up for renewal on July 30, 2005. In addition, the Committee anticipates making a recommendation to the Board regarding specific coverage and condo policies that the Association should be recommending to all owners and renters.

Fire Safety

The Board reviewed a proposal to replace all of our fire exit signs on each floor with new energy efficient signs that use LED lighting at about 2 Watts of power versus our current incandescent lighting at 40 Watts. It was reported that Utah Power will participate in the purchase of the new signs with an incentive that will pay more than one third of the cost. The net cost to American Towers would be $4,080. The Board suggested we obtain at least one more competitive bid on the proposal.

American Plaza Parking Board Meeting Minutes

The Board reviewed the minutes of the American Plaza Parking Board meeting of June 1, 2005.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary