AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting

Thursday, November 16, 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, Taymour Semnani and Jonathan Arbuckle.

New Trustee Appointed

Upon motion duly made and seconded, The Board unanimously approved a resolution of thanks to Larry Shelton for his many years of excellent service to American Towers as a member of the Board of Trustees. Jonathan Arbuckle was welcomed to the Board as a new Commercial Trustee to replace Larry Shelton.

Approval of Previous Minutes

The Minutes of the October 4, 2006 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from October 31, 2006 were reviewed by the Manager. The Association reported an unaudited operating surplus of $86,065.91 Year-to-Date as of October 31, 2006. The Common Reserve Fund has an unaudited balance of $237,754.58 and the Residential Reserve Fund has an unaudited balance of $260,511.43 as of October 31, 2006. The Board also reviewed the delinquency report.

The Finance Committee also recommends that the Reserve Studies be updated this year to include some projects that were overlooked. For example, the hot and cold water pumps can be replaced with energy efficient variable speed motors to which Rocky Mountain Power will contribute substantial incentive payment. Inasmuch as the cost of the project is substantial and not included in the Reserve Study, the committee recommends postponing the project until it's timing and funding can be included in the Reserve Study.

The Finance Committee also recommends funding for and increased levels of interior maintenance and repairs, specifically requesting the ceiling and trim of the South Lobby be painted. Both of these recommendations were unanimously approved by the Board.

Building Improvement Committee

The water leaking into the elevator pits remains a problem. The contractor referred to us to solve this problem and which had given us a previous bid has recently been unavailable but is in the process of providing us with an updated bid. The Committee is evaluating this bid and is looking at other alternatives including other more reliable contractors.

At the recommendation of the Committee, stainless steel catch pans have been installed covering the entire floor of the hot tub pump rooms for the water protection of the condos immediately below the pump rooms. While this is a major improvement, it is not failsafe and additional measures and procedures must be followed to entirely prevent water from leaking below.

The carbon monoxide sensors in the garage have not been resetting properly following activation by heavy traffic and frequently must be manually reset. We have contacted the company that services the CO sensors for Republic Parking to obtain an estimate to either service or replace our own that are malfunctioning.

The Committee is also undertaking to organize our bicycle storage areas by identifying the owners of bicycles and by removing suspected abandoned bicycles. Notices have been placed in the elevators and elsewhere requesting residents to register their bicycles and obtain an ID tag for their bikes. Our staff will shortly remove to other secure storage any unregistered or untagged bicycle so that we can be sure it has been truly abandoned.

Recently we experienced another flood resulting from a clogged kitchen sink disposal drain. This is mentioned, to again, increase awareness of the potential and persistent problems of these appliances and to see if there is any interest in a program to remove or prohibit them from American Towers. The Committee will continue to monitor the situation.

Boiler Exhaust

The Board received a report of a new problem related to the operation of our boilers. One of our boilers has recently been operating with a deteriorated firing nozzle which causes an incomplete and inefficient burn resulting in fumes and carbon monoxide emissions. This came to our attention from some of the Commercial tenants complaining of these fumes in their offices. Following an investigation by IHI Environmental at the request of management, it was determined that the source of the fumes was from our boiler exhaust which is located below and close to the fresh air intake for the Commercial space. The problem is further complicated by the fact that this situation, the exhaust stack's proximity to our air intake, is in violation of current building codes. The Residential condos are entirely unaffected as the air intake for the Common Areas of the Towers is on the rooftops of each Tower. The problem for Commercial has been temporarily alleviated by minimizing the fresh air intake when the boilers are operating. In addition, the problematic boiler is currently being repaired to correct the inefficient burn. We have also requested estimates and information from Van Boerum & Frank Engineers regarding building codes and alternatives and cost estimates of modifying our boilers and boiler exhaust stacks. The Finance and Building Committees and the Board will be reviewing this information as it becomes available.

Rules and Regulations

The Board reviewed proposed new rules regarding owners and renters contents and liability insurance requirements as well as rules regarding trash and waste removal, drains and disposals. Following discussion, the Board took no action on the proposed rules and took them under advisement for further consideration and evaluation.

Review of APP Meeting Minutes

The Board of Trustees received and reviewed the minutes of the American Parking Plaza Board meetings held on September 26, 2006 and October 24, 2006

Next Meeting

The meeting for December was not scheduled and is yet to be arranged.

Adjournment

The meeting adjourned at 6:30 p.m.

Respectfully submitted,

Mike Gravitz
Secretary