AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Tuesday November 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: Donna Boes and Deborah Pariseau.

Excused: Larry Shelton

Management present and participating: Joe Toronto

Approval of Previous Minutes: September 18, 2003

The Minutes of the September 18, 2003 Board of Trustees Meeting, upon motion duly made and seconded was unanimously approved.

Financial Statements: September 30, 2003

The Financial Statements for September 30, 2003 were reviewed by the Manager. The Association reported an unaudited gain of $50,350 Year-to-Date as of September 30, 2003. The Common Reserve Fund has an unaudited balance of $143,400 and the Residential Reserve Fund has an unaudited balance of $341,004.

Building and Improvement Committee

Mike Gravitz introduced John Frank our consulting engineer. John reviewed the completed plans and documentation for the air conditioning retrofit. A proposed pre-bid meeting with contractors was proposed for Thursday December 4, 2003 at 9:00 a.m. in the Community Room. The bid opening was scheduled for December 22, 2003. The award of the construction contract will be shortly after the bid opening and evaluation.

Finance Committee

Ella Knight reviewed the minutes of the Finance Committee meeting held on October 27, 2003. The committee reported that it has reviewed the financial statements of September 30, 2003. It was also reported that the committee will continue their research and work on the earthquake policy. It was suggested that the committee members meet with the Board periodically to update and review progress.

The committee also continues it's work on the website review. Several members who have website experience are reviewing and organizing recommendations for improvements.

Air Conditioning Retrofit Assessment

The Board reviewed the proposed increase in the Common Reserve Fund monthly assessment and the timetable for implementation. The contractors bid meeting will be held on Thursday December 4, 2003 with the bid opening on December 22. Construction will begin in January and will be completed by April. Upon motion made and duly seconded, the Board approved the increase in the Common Reserve Fund assessment as follows: A letter is to be sent to all owners this month describing the assessment and will include a copy of the Common Reserve Fund monthly increase for all units. The increase is to take effect on February 1, 2003 for and is to remain in place for a period of seven years. The increase will first begin appearing on owners monthly statements beginning with the February statements to will be mailed by January 25th. Those owners wishing to pay the lump sum amount up-front and thereby avoid the monthly increase should plan to make the payment by January 15th. Owners are reminded that the monthly increase is amortized and the remaining balance for any condo can be paid off at any time in the seven year period at which time the monthly increase will be removed from their Common Reserve Fund monthly assessment.

Flood Insurance Policy

The Board reviewed a confirmation letter from our insurance carrier that the flood policy has been cancelled at our request and a credit for the premium in the amount of $8,250 will be applied.

Utah Power & Light Energy Efficiency Incentive Agreement

Upon motion duly made and seconded the Board approve the Utah Power & Light Energy Efficiency Agreement which provides for a cash grant of $56,444 upon completion of installation of new chillers and cooling tower for our air conditioning retrofit.

Next Meeting

The next meeting of the Board of Trustees was scheduled for Thursday, January 29, 2003 at 5:00 p.m. in the Community room. 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