AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday September 18, 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: Larry Shelton and Deborah Pariseau.

Excused: Donna Boes

Management present and participating: Joe Toronto

New Officers Elected

It was announced that at an Executive Board Meeting held on Wednesday September 17, 2003, the following officers of the Association were elected: Norman Salisbury as President, Irene Link as Residential Vice President, Deborah Pariseau as Commercial Vice President, Sandra Lee Sterns as Secretary, and John Patton as Treasurer.

Approval of Previous Minutes: July 16, 2003

The Minutes of the July 16, 2003 Board of Trustees Meetings and the August 9, 2003 Annual Meeting of the Members, upon motion duly made and seconded, were unanimously approved.

Financial Statements: August 30, 2003

The Financial Statements for August 30, 2003 were reviewed by the Manager. The Association reported an unaudited gain of $48,241 Year-to-Date as of August 30, 2003. The Common Reserve Fund has an unaudited balance of $132,949 and the Residential Reserve Fund has an unaudited balance of $330,870. The Board also reviewed the Delinquency Report and the Managers explanation report of each delinquency.

Building and Improvement Committee

Mike Gravitz reported that the committee continues to monitor the work and progress of the air conditioning retrofit and continues to work with Otis elevator on several customer service and quality assurance issues under our service and maintenance contract. Mike also reported that the committee will proceed with proposals regarding the building code and building permit issues raised for owners that engage in remodeling their condos.

Finance Committee

Cheryl Stapley reviewed the minutes of the Finance Committee meetings held on August 25, 2003 and September, 22, 2003. The committee has reviewed the Bank One loan and information from other lending institutions to whom loan applications had been made for the AC retrofit. The committee recommends acceptance and approval of the Bank One loan. Upon motion duly made and seconded, the Board approved the loan subject to review and approval of the loan documents by the Associations legal counsel.

The committee has been reviewing our various insurance policies for some time and recommends that our flood policy with an annual premium of $10,000 and a deductible of $100,000 is unnecessary and should be cancelled. A memo from our insurance agent indicated a premium savings this year of $8,250 if the policy were to be cancelled on October 1. It was noted that coverage applies only to flooding entering our property from the outside, the elements or a broken water main. Commercial Trustees expressed some concerns regarding flood risks related to the Deli and the Beauty Salon that have previously experienced water damage from severe storms. The trustees asked for further clarification of the details of our coverage before approving cancellation of the policy.

Note: Subsequent to the Board Meeting, further information was given to the Trustees and on September 26, 2003 approved cancellation of the policy on October 1, 2003 by unanimous written consent.

The Finance Committee also reported that it continues to investigate the earthquake policy, the limits and deductibles as they apply in the context of the requirements of our Declaration and plans to report the findings in a report to the Board and to all owners.

It was reported that the committee reviewed our annual audit report, and is also receiving and reviewing monthly financial statements for review prior to presentation to the Board. The committee also reviewed certain large itemized expenditures, the fire pump rebuild, boiler retrofit and water bill.

Comcast Contract Amendment

The Board reviewed a written amendment to our Comcast TV contract. This revision contains the additional language our attorney suggested and provides for a permanent home for our in-house information and announcement TV channel. It provides that the first location, anticipated to be channel 12, will be installed at Comcast expense and that future relocations, if any, shall be at American Towers request and expense. Upon motion duly made and seconded, the Residential Trustees unanimously approved the contract amendment.

Social Committee

The Residential Trustees approved Carole Wheeler as chairperson of the Social Committee. She plans to hold a few various social gatherings for residents to become better acquainted.

Election Rules

The Board reviewed some additional rules for Trustee elections to provide for ballot handling and procedures to follow in the event of a recount request. The Residential Trustees approved the rules upon motion duly made and seconded.

American Parking Plaza Board Minutes

The Board reviewed the minutes of American Plaza Parking Board meeting held on September 24, 2003. It was noted that Central Parking has been terminated as the garage manager and Republic Parking has been hired as of October 1, 2003 to assume all responsibilities of managing the garage.

Next Meeting

The next meeting of the Board of Trustees was scheduled for Thursday, October 30, 2003 at 5:00 p.m. in the Community room contingent upon completed AC plans from John Frank. Owners are encouraged to set aside the last Thursday of each month to attend monthly Board meetings.

Adjournment

The meeting adjourned at 6:30 p.m.

Respectfully submitted,

Sandra Lee Sterns
Secretary