Minutes of the Board of Trustees Meeting

Thursday, August 5, 2004

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: Donna Boes and Steve Tester.

Trustees Excused: Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: July 8, 2004

The Minutes of the July 8, 2004 Board of Trustees Meeting, upon motion duly made and seconded was unanimously approved.

Financial Statements: June 30, 2004

The Financial Statements for June 30, 2004 were reviewed by the Manager. The Association reported an unaudited surplus of $37,357 Year-to-Date as of June 30, 2004. The Board also reviewed the delinquency report. Upon motion duly made and seconded, the Board approved a change in policy that owners delinquent in condo fees more than 60 days will have the cable TV service terminated following a 10 day written notice. The motion also requested language to be drafted to be added to the Rules and Regulations for the next meeting. The Board also requested where any condos in delinquency are rented, that management send a letter to respective owners requesting tenants to pay condo fees directly to the management office and deduct the amount from any rents remitted to the owner.

Finance Committee

It was reported that the Board of Trustees had previously met with the Auditors and reviewed with them in detail the annual audit report. One wording change was requested by the Board and the auditors agreed. Upon motion duly made and seconded, the Board unanimously accepted the audit report and approved it's printing and distribution to all owners.

It was also reported that the Finance Committee had also met with our insurance agents and reviewed in detail the proposed policy renewal. The Committee reported with great joy that for the first time in many years we have received insurance bids with annual premiums lower than the prior years. The Committee recommended acceptance of the lowest proposal from CNA to continue our present coverage in all respects with a proposed premium of $130,086. It was noted that the CNA proposal is $25,000 less than the Affiliated FM proposal and $45,000 less than the amount we had budgeted for. Upon motion duly made and seconded, the Board unanimously accepted the insurance renewal proposal from CNA.

Building Committee

Mike Gravitz reported that during the recent severe storm, rain water continued to enter units near the windows including some of the condos that had been caulked to prevent such. He reported that these events bring into doubt the effectiveness of the caulking experiment and are prompting further investigation as to the true source of the leaking.

Mike also reported that the air conditioning system is performing very well and that we appear to have acquired the excess capacity we requested. One chiller seems to handle all of our cooling needs up to about 95 degrees outside temperature at which point the second chiller starts. The system is presently set to deliver 40 degree chilled water and is doing so consistently with ease. There remain some additional automation features that are not employed at present. The Board requested the auto start and restart features be employed as soon as possible, especially on weekends when maintenance staff may not be present to restart the first chiller or to start up the second chiller.

Social Committee

The Social Committee is on track for a blockbuster social event on Friday, August 13, 2004 at 8:00 pm on the south roof. All residents are invited to attend and bring a dessert.

APP Board Meeting Minutes

The Board received and reviewed the American Plaza Parking Board meeting minutes of May 26, 2004.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Sandra Lee Sterns