AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, July 16, 2003

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, Irene Link, John Patton and Sandra Lee Sterns

Commercial Trustees present and participating: Deborah Pariseau and Donna Boes

Excused: Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: May 29, 2003

The Minutes of the May 29, 2003 Board of Trustees Meetings, upon motion duly made and seconded, were unanimously approved.

Building and Improvement Committee

The Board of Trustees reviewed a revised contract with the engineering firm of Van Boaerum & Frank. The contract is to engineer and design the air conditioning retrofit and to prepare bid documents and to bid and supervise construction. The total contract is $75,000. Upon motion duly made and seconded, the contract was unanimously approved.

Upon motion duly made and seconded, the Board requested that applications for loans and financing be made to secure funds for the construction of the air conditioning retrofit. Bank One has proposed a construction type of loan with a six to eight month draw period followed by a ten year amortized payoff period. The Board asked the Finance Committee to review this and other financing proposals. The motion passed unanimously.

The Board reviewed a proposed assessment schedule for each unit. The schedule showed the anticipated Common Fund increase for ten years as well at the one time lump sum payoff option for each unit.

Finance Committee

The Finance Committee reported that it had reviewed in detail the employee health insurance policy, the bids and renewal and reported that the premium increase had largely been anticipated for the present budget, that the best premium fell within the budgeted estimates and recommended that the policy be renewed. Upon motion duly made and seconded, the Board unanimously approved renewal of the health insurance policy.

It was also reported that the Finance Committee was prepared to report on the property and casualty insurance policies that it also has been reviewing in detail and will make a recommendation as soon as the bids come in. The committee is very carefully reviewing and evaluating the earthquake policy and will make recommendations regarding this coverage.

Election Rules

The Board of Trustees had drafted some rules for the upcoming Trustee election and upon motion duly made and seconded approve the election rules.

American Parking Plaza Board Minutes

The Board reviewed the minutes of American Plaza Parking Board meeting held on May 28, 2003.

Next Meeting

The next meeting of the Board of Trustees was scheduled for Saturday, August 9, 2003 at 10:00 a.m. in the Community room for the purpose of electing new officers following the Trustee election. All owners are invited to attend this Annual Meeting of the Members and vote. Owners are also encouraged to set aside the last Thursday of each month to attend monthly Board meetings and provide the Trustees with valuable feedback and input.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Sandra Lee Sterns
Secretary