Minutes of the Board of Trustees Meeting

Wednesday, September 29, 2010

5:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: Mike Gravitz, Bret Marshall, Steve Campbell and Ted Roper.

Commercial Trustees present and participating: Donna Boes, Heather Bowen and Majid Golafshani.

New Commercial Trustee

It was announced the Taymour Semnani would soon be transferring out-of-state to attend law school and would be unable to continue service as a Trustee on the Board and that Majid Golafshani had been appointed by the Commercial Owner to serve as his replacement. By unanimous consent, the Board thanked Taymour for his excellent service and many contributions to the Board and the Association, and welcomed Majid as a new Commerical Trustee to the Board.

Approval of Previous Minutes

The Minutes of the June 9, 2010 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from August 31, 2010 were reviewed. The Association reported an unaudited operating surplus of $11,077.43 Year-to-Date as of August 31, 2010. The Common Reserve Fund has an unaudited balance of $277,550 and the Residential Reserve Fund has an unaudited balance of $268,526 as of August 31, 2010. The Board also reviewed the delinquency report.

The Finance Committee had previously met and reviewed our property insurance proposals and bids and recommended that we accept the low bid proposed by our current carrier, Affiliated FM. The low bid was proposed at $141,000 which is $5,000 less than our premium for the prior year. The policy was renewed on July 30, 2010 and the Board is asked to ratify that decision. In addition, the health insurance policy was reviewed and our existing carrier Regence Blue Cross has proposed to renew with a 3.6% increase in premium. We had budgeted for an 5% increase earlier this year. This policy was also renewed and the Board is asked to ratify this renewal. Upon motion duly made and seconded, the motion was unanimously approved.

Building Improvement Committee

It was reported that the domestic hot water boiler project has now been completed. The boilers are up and running and performing very well and one boiler is able to maintain our desired temperature effortlessly at all hours of the day including periods of high demand. One new boiler operating at less than full capacity is now doing the work that both of our old boilers could not do while operating at full capacity. The only remaining work to be done is some insulating of pipes, boiler inspections by the State Boiler Commission, and programming the control of the boilers to our Alerton control system. The commissioning of our new hot water pumps also remains to be completed and we expect this to be done in the coming weeks. It was also announced that we will also shortly be performing a much delayed "cook & flush" which is the procedure whereby we elevate the water temperature by 20 degrees for one week in order to control bacteria that remains in our system.

It was reported that the new water supply lines to a bathroom vanity have now been installed in a test case which has been successful thus far. We do not anticipate any problems with these stainless steel tubes. The Board anticipates shortly announcing a program to accommodate installation for those condo owners who wish to participate to have their own supply tubes replaced.

The north tower roofing project is expected to start in mid-October and should not take more than two to three weeks.

Redecorating Committee

Steve reviewed the upcoming redecorating for the North Lobby and the kitchen in the Community Room. The Committee asked the Finance Committee for an additional $12,000 for a few kitchen upgrades and to replace the entire parquet floor with tile. It was deemed that there is no easy way to do the tile in the kitchen without doing the entire floor. The Community Room will be closed for October to complete the remodel and will re-open before Thanksgiving so that owners may make use of it for Holiday functions. The North Lobby will not be completed until after the first of the year due in part to funding constraints. Owners are reminded that the remainder of the Community Room is one of the areas, based on the recent survey, that is next on the list to be completed.

Declaration and Rules

It was announced that the recent proposed amendment to our Declaration striking a paragraph that was deemed unlawful and unenforceable, has passed with the required number of owners consent. The document will be recorded and the FHA will be notified so that we will be certified eligible for future FHA funding for purchasers and owners.

It was reported that the American Towers lease agreement which has been developed over time and which many owners are using for their rentals, has been submitted to our attorney for review. Some wording changes were made and some paragraphs were added. It was proposed that going forward, our leasing rules be changed to require this revised lease agreement be mandatory for all rental Units. Free copies will be available in the management office and will also be available for download from the American Towers website. Upon motion duly made and seconded, the motion was unanimously approved.

American Plaza Parking Board Meeting Minutes

The Board reviewed the APP Board meeting minutes from the meeting that was held on June 24, 2010.

Next Meeting Schedule

A meeting was not scheduled for October or November. It was also decided to plan for a 6:00 p.m. meeting every other month in order to accommodate those owners who cannot attend at 5:00 p.m. It is anticipated that the Commercial Trustees may not need to attend the later meetings if there are no Common issues to be discussed or decided.


The meeting adjourned at 6:00 p.m.

Respectfully Submitted,

Steve Campbell