AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, October 4, 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, and John Patton

Commercial Trustees present and participating: Donna Boes and Taymour Semnani.

Trustees Excused: Larry Shelton

Approval of Previous Minutes

The Minutes of the August 3, 2006 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from August 30, 2006 were reviewed by the Manager. The Association reported an unaudited operating surplus of $38,060 Year-to-Date as of August 30, 2006. The Common Reserve Fund has an unaudited balance of $227,205 and the Residential Reserve Fund has an unaudited balance of $237,962 as of August 30, 2006. The Board also reviewed the delinquency report.

Building Improvement Committee

Mike Gravitz reported that Building Committee reviewed the striping in the alley and requested that the contractor repaint those areas that are failing after the warranty work on the alley surface is completed in the near future. The hot tub pump rooms on each rooftop are notorious for leaking into condo's below regardless of our efforts to seal the floors. We since have installed stainless steel pans covering the entire floor in an effort to permanently resolve this problem. The Committee is also in process of reviewing our bicycle registry in an effort to clean up the bicycle room and remove abandoned bicycles if any. Abandoned bicycles will be stored for a period of time to ensure that they are in fact abandoned. The angle valve replacement program is now complete. Nearly 50% of all condos participated and completed this important improvement. A large fixed window with the failed seal has been replaced at considerable expense because a swing stage was required to replace it. This is the first large fixed window that has failed and hopefully is not indicative of further potential problems with failing seals. Smaller windows or sliders have previously been replaced from inside of the condo. Replacing the hot water pumping station is still under consideration. The financial incentive from the Rocky Mountain Power does not expire. It was recommended that the cost be included in a soon to be updated Reserve Study. It was also suggested that the Reserve Studies also be updated with additional refurbishments in order to stay competitive with new recently announced downtown condo developments.

Hamilton Partners Development

Hamilton Partners has recently announced that they plan to break ground in January of 2007 on their 22 story high rise office building next door to American Towers. Hamilton Partners has requested funding from the Salt Lake City RDA for public parking stalls. The RDA allocated $5 million for the project. We have many outstanding issues regarding traffic flows, use of, and rights in, the alley, and a proposed connection to the APP garage. We have received a copy of their traffic study and together with our counsel have been meeting with Hamilton Partners periodically. We have identified and are discussing a number of critical issues but are not close to any final resolution. The next step is for Hamilton Partners to propose a traffic management plan for review.

Report on Sewage Backup

The Board reviewed the letter sent to all owners on September 15, 2006 describing the circumstances of a sewer line blockage and sewage backup that damaged seven condos. The letter included a number of rules and suggestions to avoid incidents of this nature. The Board requested a draft of specific language, to be presented at the next Board Meeting, of proposed rules from the sewage letter, as well as language for some rules regarding the operation of the trash chutes and P2 dumpsters, for approval as part of our formal Rules and Regulations.

Review of APP Meeting Minutes

The Board of Trustees received and reviewed the minutes of the American Parking Plaza Board meetings held on July 11, 2006 and August 29, 2006.

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