AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, June 13, 2007

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, Mike Gravitz, Sandra Lee Sterns, and John Patton

Commercial Trustees present and participating: Donna Boes, Taymour Semnani and Jonathan Dunn.

Appointment of Commercial Trustee

Jonathan Dunn was welcomed to the Board as the newly appointed Commercial Trustee.

Approval of Previous Minutes

The Minutes of the March 29, 2007 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from April 30, 2007 were reviewed by the Manager. The Association reported an unaudited operating surplus of $142,870.50 Year-to-Date as of April 30, 2007. The Common Reserve Fund has an unaudited balance of $234,204 and the Residential Reserve Fund has an unaudited balance of $291,716 as of April 30, 2007. The Board also reviewed the delinquency report.

The Board reviewed the proposed 2007-2008 fiscal year operating budget and detail. It was reported that the Finance Committee has been preparing and revising the proposed budget since January and has approved this final revision for presentation to the Board. The final proposed budget includes no changes nor increases in the operating assessment, the Residential Reserve assessment or the Common Reserve assessment. Upon motion duly made and seconded, the Board unanimously approve the proposed budget and approved keeping all assessments at current levels for the coming fiscal year.

The Finance Committee also requested approval to seek estimates and proposals for some decorating upgrades and ideas. The Committee suggested $1,200 would be sufficient to obtain some modest proposals which the Board could then consider. Upon motion duly made and seconded, the Board approved the expenditure of $1,200 to obtain some decorating ideas and proposals.

Building Improvement Committee

The Committee reported the latest results of our Legionella bacteria testing. The results are the most favorable since the beginning. The results reported that all but one of our hot water circulating lines were free of the bacteria and the one line with a positive reading showed the lowest reading possible. Residents are still reminded to flush faucets, showerheads and other water outlets for at least ten minutes following extended periods of having not been used.

Review of APP Meeting Minutes

The Board reviewed the minutes of the American Parking Plaza board meeting minutes of March 27, 2007.

Next Meeting

The next meeting was scheduled for July 26, 2007.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary