Minutes of the Meeting of the Members

Saturday, August 12, 2006

10:00 A.M.

Norman J. Salisbury, President called the meeting to order.

Residential Trustees present and participating: Norman J. Salisbury, John Patton, Sandra Lee Sterns and Mike Gravitz

Commercial Trustees were excused. The commercial owner was present by proxy as his ballot had been received prior to the meeting.

Quorum Requirement: It was determined that over 500 votes had been cast and therefore a Quorum was established.

Presentation of Candidates: Each of the candidates for the Board of Trustees gave their own presentation of the issues facing American Towers.

Counting of Ballots: Voting was declared closed. Ballots were collected and turned over to the auditor to be counted.

Election Results: Sandra Sterns announced the following election results as tabulated and compiled by Gary Miyasaki of Bushman Associates:

Norman J. Salisbury 298.15
John Patton 326.63
Hassan Sherkat 149.20
Herman Reedeker 177.18
No Vote     2.49
Larry Shelton (Commercial)   88.96

Norman J. Salisbury and John Patton were declared elected as Residential Trustees and Larry Shelton was declared elected as a Commercial Trustee.

Building Committee: Mike Gravitz gave a brief summary of the recent Redevelopment Agency Meeting in which Hamiton Partners submitted an application for a grant of funds to facilitate development of a 23 story office building to the north of American Towers. American Towers Board of Trustees also had submitted a letter and information to the RDA prior to the meeting outlining remaining issues related to the proposed parking garage and usage of the American Towers alley.

Finance Committee: John Patton reviewed some of the recent activities of the Finance Committee including the new Reserve Studies, Insurance renewal, and the audit report.

Adjournment: The meeting adjourned at 12:00 p.m.

Respectfully submitted by Mike Gravitz