AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, September 28, 2005

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, Sandra Lee Sterns, John Patton and Mike Gravitz.

Commercial Trustees present and participating: Larry Shelton and Donna Boes.

Excused: Taymour Semnani

Approval of Previous Minutes

The Minutes of the July 21, 2005 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements for August 31,2005 were reviewed by the Manager. The Association reported an unaudited operating surplus of $38,056 Year-to-Date as of August 31, 2005. The Common Reserve Fund has an unaudited balance of $265,176 and the Residential Reserve Fund has an unaudited balance of $293,612 as of August 31, 2005. The Board also reviewed the delinquency report.

It was reported that the Committee continues to prepare Reserve Studies for the coming fiscal year and will shortly prepare and distribute to residents recommended insurance coverage and policies for both owners and renters to insure their personal property and liability.

Building Improvement Committee

Mike Gravitz reported that the Plaza project is still progressing and is on schedule for completion this year. There are a few concerns and items that we will take up with the contractor regarding drainage and workmanship. Mike also briefly reviewed his analysis regarding the portion of our condo fees for gas, electric and water utilities and concluded that our expenditures are very conservative for a single family dwelling and in line with what would be expected for a high rise condo which by nature involves substantial savings over a single family home.

Mike reported that following our "cook and flush" operation all of our tests were negative for the bacteria. However, our most recent tests which were conducted approximately 30 days after the cook and flush, some of the samples tested positive for the bacteria in small amounts. These results are still below the levels at which OSHA recommends performing the cook and flush procedures and confirms what our experts had been telling us, that the bacteria usually returns within 30 to 90 days following the treatments. The current plan is to monitor the levels in an effort to determine how much time between procedures is required for our system and if additional measures are required.

American Plaza Parking Board Meeting Minutes

The Board reviewed the minutes of the American Plaza Parking Board meeting of August 30, 2005.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary