AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Wednesday, November 2, 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, and Mike Gravitz.

Commercial Trustees present and participating: Larry Shelton, Donna Boes and Taymour Semnani.

Excused: John Patton

Approval of Previous Minutes

The Minutes of the September 28, 2005 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements for September 30,2005 were reviewed by the Manager. The Association reported an unaudited operating surplus of $25,522.20 Year-to-Date as of September 30, 2005. The Common Reserve Fund has an unaudited balance of $275,319 and the Residential Reserve Fund has an unaudited balance of $212,562 as of September 30, 2005. The Board also reviewed the delinquency report.

The Finance committee met on October 19, 2005 and reviewed it's progress on updating our Reserve Studies for the coming fiscal year and recommended insurance coverage and policies for owners and renters to insure their personal property and liability.

The committee also reviewed and approved expenditures for a new treadmill in the exercise room to replace the eight year old model that failed and now requires substantial repairs.

Building Improvement Committee

Mike Gravitz reported that following our last cook & flush, recent testing shows that the legionella bacteria has slowly begun to grow back in the return lines of our recirculation system. Our storage tank, supply lines and pumps are still consistently testing negative. This tells us that the bacteria has begun to grow in several dispersed dead legs that are re-infecting our water as it returns to the boilers to be reheated. The bacteria levels are still far below the threshold levels that OSHA recommends for additional cook & flush procedures.

The plaza construction is behind schedule due to the concrete shortages in Utah but they anticipate that they will still be able to finish by years end barring major disruptions with severe weather.

For several years the committee has been analyzing and wrestling with the problem of water that penetrates some windows during severe storms. We have recently conducted a successful test of a procedure to seal the window frames with expanding foam. The committee intends to conduct some additional testing to confirm that this repair will be successful for this difficult problem. If successful we will then begin to design a strategy for repairs.

A recent critical issue is our largest hot water pump motor recently burned it's windings and has to be replaced. We are currently operating with our backup motors. There is evidence that the load on the pumps has increased due to high usage during certain time periods and due to piping that is rerouted from the large amount of recent remodeling. Our mechanical engineer, John Frank has been asked to evaluate the problem and specify an appropriate replacement motor and pump system for our hot water.

Recently our elevator service company, Otis Elevator, and our manager have been in a dispute over rusted and corroded equipment in our elevator pits. Otis has finally agreed to replace the damaged equipment under the terms of our service agreement but will require American Towers to find a way to remove moisture and seal the pits to prevent a recurrence of the problem. The committee will be addressing this issue in coming weeks.

The committee continues to monitor progress on a relatively new and persistent roof leak in the North Tower that has been very difficult to locate as the water from the leak appears to travel quite some distance before penetrating the roof. Having conducted some significant repairs unsuccessfully, we will now begin an extensive water testing procedure on the roof.

Mike also reported that we have received a very positive response to our angle valve replacement program in which the Association will waive a water shut off fee in order to replace the valves in several condos in batches to try to do as much as possible as efficiently as possible. We anticipate beginning the replacement program shortly and expect to take several months to work our way through all of the condos that have signed up to participate.

Hamilton Partners Litigation

Hamilton Partners appears to have finally come to the realization that their best option for traffic to and from their future garage will be through a tie in to our garage in some manner and not through our maintenance alley. Consequently, they have agreed to dismiss their suit without prejudice if American Towers would agree to sign a tolling agreement. The tolling agreement essentially freezes the statute of limitations for both parties as of the date the suit was originally filed. After extensive consultation with our attorney in executive session, the Board of Trustees approved the tolling agreement. We expect the suit to be dismissed shortly.

Assessment Apportionment

In response to some questions recently raised regarding our method of apportioning the monthly assessments according to the square footage of condos, Sandra Lee Sterns reported that this method is expressly dictated by section 11 of our Declaration of Condominium and that this method cannot be changed without the unanimous approval of all owners. It was subsequently reported that this is also the method prescribed by the Utah Condominium Act.

Rooftop Furniture

The Board has received several requests from residents for some chairs on the rooftops in addition to the lounges and for some small grills for those who wish to grill only one or two items instead of using the large grills. Our manager reported that he had located some steel patio furniture as well as two small grills on some end-of-season clearance. The Residential Trustees unanimously approved the expenditure of $900 per rooftop from the Residential Reserve Fund for the patio furniture and grills.

American Plaza Parking Board Meeting Minutes

The Board reviewed the minutes of the American Plaza Parking Board meeting of September 28, 2005.

Adjournment

The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz
Secretary