Minutes of the Board of Trustees Meeting

Thursday, June 9, 2010

5:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: Mike Gravitz, Bret Marshall, Steve Campbell and Ted Roper.

Commercial Trustees present and participating: Donna Boes, Heather Bowen.

Excused: Taymour Semnani.

Change of Trustee and Officers

It was announced that Janet Fisher has resigned from the Board and her letter of resignation was read. She resigned due to a major promotion and addition of responsibilities in her employment that made it impossible to perform her volunteer duties here on the Board. By unanimous consent, Janet was congratulated for her excellent work and service to the Association and wished well in her new responsibilities. Upon motion duly made and seconded, Ted Roper who has recently been the chairman of the Finance Committee was unanimously approved and appointed to serve out the remainder of Janet's term of office and to serve as Treasurer of the Association.

Upon Motion duly made and seconded, Mike Gravitz was elected by the Board to serve as President with Bret Marshall to serve as Residential Vice President and Steve Campbell to remain as Secretary.

It was also announced that Trustee elections will be taking place next month for Mike Gravitz term of office which expires this year.

Approval of Previous Minutes

The Minutes of the April 15, 2010 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from April 30, 2010 were reviewed. The Association reported an unaudited operating surplus of $37,431.35 Year-to-Date as of April 30, 2010. The Common Reserve Fund has an unaudited balance of $338,668.38 and the Residential Reserve Fund has an unaudited balance of $271,909.89 as of April 30, 2010. The Board also reviewed the delinquency report.

It was announce that April 30, 2010 is the end of the fiscal year of the Association, that the annual audit is beginning, and that the final Audit report prepared by our Auditor will be distributed to owners at the Annual Meeting to be held on August 14, 2010.

The Board briefly discussed the prospect of allowing owners to pay their monthly condo fees by means of credit or debit cards which the Association is not presently equipped to process. The Board agreed to look at the costs and benefits of the proposal and asked the Finance Committee to report back on the proposal.

Building Improvement Committee

It was reported that the domestic hot water replacement project will be starting on the following Monday, that we will then be operating on only one boiler while our weakest of our two boilers is being removed and replaced. Water temperatures may not be as hot as we may expect during this time while we have only one boiler but as soon as the new one is in place we should be fine while the second is being replaced.

Mike announced that a supplier of high pressure stainless steel corrugated water supply lines for vanities and toilets has been found that appear to resolve our concerns with the flexible style that recently failed causing substantial damage to several condos. The next step is to perform a test installation to make a determination as to complexity and time required to install and to solicit costs to perform an installation throughout an entire Unit.

Mike also reported that our North Chiller has been having sporadic and random alarms and shutdowns that our service agent has been having some difficulty resolving, but that they are working diligently to remove these uncertainties and problems from our air conditioning system.

It was also reported that there have been some recent leaks and failures in the second floor roof membrane. Our roofing consultant reports that the membrane in question is the original installation and that it has long outlived its expected and useful life. Consequently, we will begin making plans within the guidance and funding of our reserve studies to prepare for full replacement in the year 2011.

American Plaza Parking Board Meeting Minutes

The Board reviewed the Board meeting minutes of the May 27, 2010 meeting of the American Plaza Parking Board.

Redecorating Committee

It was reported that the first phase of the redecorating has been substantially completed with a few punchlist items still remaining to be completed. It was also reported from management that now that the first phase is complete, the response from residents to the project is been very favorable.

Salt Lake City Police Presentation

Recently, our local beat police officers made contact with AT management to facilitate communication and enhance service to our facility. Officer Manzanares was then invited to the meeting to make a presentation and answer questions. He reported that he had also recently met with our Security guard staff to discuss interaction and to further facilitate cooperation and coordination of response to American Towers. He reported that several things were agreed upon that would help in this effort. In answer to some questions, it was reported that our Security Guards are not to attempt to enforce trespassing or other laws, or to detain individuals or place themselves in harms way at any time, but to always leave these situations to our Police officers who will respond within minutes to our requests for service or assistance. They are here to serve and will meet our needs in this regard.


The meeting adjourned at 6:00 p.m.

Respectfully Submitted,

Steve Campbell