AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, August 3, 2006

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

Commercial Trustees present and participating: Larry Shelton, Donna Boes and Taymour Semnani.

Approval of Previous Minutes

The Minutes of the July 6, 2006 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from June 30, 2006 were reviewed by the Manager. The Association reported an unaudited operating surplus of $34,751 Year-to-Date as of June 30, 2006. The Common Reserve Fund has an unaudited balance of $208,720 and the Residential Reserve Fund has an unaudited balance of $223,464 as of June 30, 2006. The Board also reviewed the delinquency report.

The Finance Committee reported that the annual audit is nearly concluded and the audit reports should be available to all owners for the Annual Meeting to be held on August 12, 2006. The committee had reviewed the bids for renewal of our insurance policies. The committee recommended approval of the lowest bid from Affiliated FM. Upon motion duly made and seconded, the Board unanimously approved renewal of the Affiliated FM insurance proposal for property, liability and earthquake. While the property value was increased from $95 million to $107 million, the premium increased from $147,323 to $149,214.

The Finance Committee also reviewed the annual audit report and recommended approval for distribution to the owners. Upon motion duly made and seconded, the Board unanimously accepted the 2005-2006 audit report and approved publication and distribution to the owners.

Building Improvement Committee

Mike Gravitz reported that the committee has finally received a proposal from Rocky Mountain Power (formerly Utah Power) regarding proposed participation from the company for new variable speed pumping stations for our hot and cold water pumps. The total estimated cost is approximately $100,000 of which Rocky Mountain power will pay $35,000. The Board decided to have the Finance Committee review the proposals for availability of funds and asked if John Frank could provide firm cost estimates.

Mike also reported on recent Legionella test results which came in as expected following a recent cook & flush with the exception of a single supply line that showed elevated readings that will require further investigation. All of the readings remain well below the OSHA threshold for additional action. The tests also showed that one condo which of it's own accord and expense performed the extreme Wisconsin protocol of draining and flushing with chlorine is also now experiencing bacteria readings in small amounts.

Proposal to Paint and Stripe East Alley

The Board reviewed a proposal to paint in red "No Parking" and "Fire Lane" on the east side of the east alley and to paint in yellow, numbered parking stalls and loading zone next to the building on the west side of the alley. The proposal is intended t facilitate parking and traffic control of the alley for our security guards. The total cost is $1,195 for painting in the alley and $380 for some additional striping in the garage. Upon motion duly made and seconded, the proposal was unanimously approved.

Next Meeting

The next meeting is scheduled for Thursday, August 31, 2006 at 5:00 p.m. in the Community Room.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary