AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, August 30, 2001

5:00 P.M.

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

Residential Trustees present and participating: Tom Halleran, Irene Link, Blane van Pletzen, and Bruce White

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

Management present and participating: Joe Toronto

Approval of Previous Minutes: July 26, 2001

The Minutes of the July 26, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: July 31, 2001

The Financial Statements for July 31, 2001 were reviewed by the manager. The Association reported an unaudited loss of $21,404 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $59,597 and the Residential Reserve Fund has an unaudited balance of $241,553. The Board also reviewed the Delinquency Report.

Building and Improvement Committee Report:

Norman Salisbury reviewed the procedures adopted by the Board regarding owners hiring contractors to refurbish or remodel their condos. Owners are reminded to place a $500 refundable deposit with the management office to cover potential damage and cleanup costs of their contractors, and also that contractors are not to use any of the common areas for staging, cutting or work.

Mike Gravitz reported on the investigation the committee is conducting on the exterior window frames. During the recent storm, several units reported rain coming inside through the windows. He reported that this is not related to the recent caulking, but appears to be coming in through the frames. He has contacted the manufacturer of the windows who in turn sent a local representative to meet with the committee and make an inspection and suggest possible explanations. The committe is continuing it's investigation in approximately a dozen units and anticipates a recommendation for repair shortly.

Design Committee Report:

It was reported that the South Roof is nearing completion. Next week, the arbor trellis will be constructed. A decision still needs to be made on the North Roof regarding the now removed sport court before the arbor trellis can be constructed and the precast furniture and plantings can proceed there. A proposal was presented to cover the sport court with a composite material deck. The cost of $23,300 is substantially less than proposals received for concrete removal and re-roofing. A large portion of this cost is covered by the remaining allocation for the sport court removal, savings from the purchase of the grills, and possible reimbursement from one of the contractors. Upon motion duly made and seconded, the proposal to install the deck on the North Roof was unanimously approved by the Residential Trustees.

Common Fund Assessment

The Board reviewed the Common Fund Assessment including the increase put in place in August of last year. That increase was to last for approximately one year and was to pay for that part of the exterior refurbishment that was not included in the cost estimates. Upon motion duly made and seconded, the increase was removed from the Common Fund Assessement to take effect on Sept. 1.

Operating Fund Assessment

The Board reviewed the circumstances regarding the huge increases in utility costs since last December. They reviewed the decision to try to absorb those costs until after the increase in the Common Fund Assessment was to be removed. Funds in the operating fund now are precariously low. Upon motion made and seconded, the Board authorized an energy surchage to be placed on the operating fund in the amount of $10,800 per month to be allocated in the same manner as the assessments. The surcharge is to take effect on Oct. 1.

New Trustee and Officers of the Board

Irene Link was introduced as the Trustee elected at the Annual Meeting to a three year term. All of the officers were, upon motion duly made, unanimously re-elected to their same office as follows: Tom Halleran as President, Bruce White as Residential Vice President and Treasurer, Deborah Pariseau as Commercial Vice President, and Blane van Pletzen as Secretary.

Next Meeting

The next Board Meeting is scheduled for Thursday, September 27, 2001, 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.