AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, November 30, 2000

5:00PM

Bruce White called the meeting, convened in the Community Center, to order at 5:00PM.

Residential Trustees present and participating: Betsy Bradley, Blane van Pletzen, Bruce White

Commercial Trustees present and participating: Donna Boes, Deborah Pariseau

Management present and participating: Joe Toronto

Excused: Tom Halleran, Larry Shelton

Approval of Previous Minutes: October 26, 2000

The Minutes of the October 26, 2000 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: October 31, 2000

The Financial Statements for October 31, 2000 were reviewed by the manager. The Association reported unaudited income of $20,741 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $298,783 and the Residential Reserve Fund has an unaudited balance of $446,277.

The manager reviewed the delinquency report. Most have been making payments and the management office has been in contact with each. The lender of one has completed a foreclosure and is still attempting to take possession of the unit.

Committee Reports

Building and Improvement: External Restoration

It was reported to the Board that the restoration of the North Tower has substantially been completed. A few punch list items remain. A small portion of the South Tower was started but the weather conditions caused the work to be suspended until next spring in April or May.

Design: Awning Replacement

The North Tower awning and signage have been installed. The fluorescent underlighting is yet to be installed.The South Tower awning and signage will be installed following the completion of the restoration of the exterior.

High-Pressure, Burst-Resistant Washing Machine Hoses

Following approval at the last Board Meeting, the move-in fee has been increased from $100 to $140. The increase is to cover the cost of high pressure washer hoses for each new move-in. The additional $40 fee will be waived the new owner or tenant can show that they already have high pressure hoses or that high pressure hoses have already been installed. The management office is currently developing a plan to inspect all units for the high pressure hoses in order to require and ensure that all units will have them installed.

Next Meeting

The next meeting is scheduled for Thursday, December 21, 2000, at 5:00PM. The Board of Trustees cordially invites all owners to plan to attend regularly, setting aside the last Thursday of each month at 5:00PM to participate in important matters affecting the American Towers Community.

Adjournment

Upon motion duly made and seconded, the meeting adjourned at 6:35PM.

Respectfully submitted,

/s/ Blane van Pletzen

Secretary

*Notice: These minutes, as they appear in this newsletter, have not yet received final approval from the Board of Trustees. Consequently, they may be corrected, or supplemented, by the Trustees prior to approval at the next scheduled meeting of the Board.