AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, December 6, 2001

5:00 P.M.

Tom Halleran called the meeting, convened in the community room, to order at 5:00 p.m.

Residential Trustees present and participating: Tom Halleran, Irene Link and Blane van Pletzen

Commercial Trustees present and participating: Larry Shelton, Donna Boes and Deborah Pariseau

Management present and participating: Joe Toronto

Approval of Previous Minutes: October 18, 2001

The Minutes of the October 18, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: October 31, 2001

The Financial Statements for October 31, 2001 were reviewed by the manager. The Association reported an unaudited loss of $11,29 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $83,472 and the Residential Reserve Fund has an unaudited balance of $203,180. The Board also reviewed the Delinquency Report.

Trustee Bruce White Resignation

President Tom Halleran reported that he had received a letter of resignation from Trustee Bruce White for personal reasons. The Board unanimously thanked Bruce for his great service to the Association, not only as a Board member, but also as the chariman of the Design Committee where he spearheaded the wonderful interior design and redecoration of our common areas and amenities. The Residential Trustees have also agreed that instead of appointing a replacement Trustee to fill the vacancy, they would hold an interim election as soon as possible. Owners will shortly be receiving further information, applications and ballots, in the newsletter and in the mail.

Building and Improvement Committee Report:

Norm Salisbury reported that the committee, in response to complaints, has been overseeing some repair work on the swimming pool heater. It was reported that an isolation valve was broken preventing circulation and causing the heater to overheat and shut off. It has been replaced. The committee wished to compliment Diane for the tasteful Christmas decorations in the lobbies and Community Room. The Board authorized the purchase of additional decorations after Christmas at discount in order to accelerate the replacement cycle of our decorations.

The committee submitted to the Board, for further review, a five page report by committee member Mike Gravitz regarding his research and findings about the several incidents of water that had penetrated the building through the window frames during a recent severe storm. The report details his findings regarding the original installation of the window frames, information from the window installers and manufacturer, and possible corrective measures that can be taken. The committee has already begun some repairative caulking measures in those 18 condos that reported this occurrence. In the spring, additional caulking repairs will take place on the outside of the building by our window washers. The report emphasized that it is not known if these repairs will entirely correct the problem and that other problem areas may exist that we do not yet know about.

Design Committee Report:

It was reported that construction of the arbor will begin shortly and some additional lighting and electrical work will also be taking place. The committee is hopeful that planting of some springtime bulbs and flowers will still be able to take place as soon as this work is completed.

Finance Committee Report:

Willard Homer reported that the Committee has received the information it has requested from management. The committee has also begun to review the initial drafts of the 2002-2003 operating budget.

SLOC Presentation

Debra McCandless, a senior transportation manager of the Salt Lake Olympic Committee who specializes in the downtown transportation issues, conducted a presentation and a question and answer session regarding downtown street closures and traffic flow. She provided the Association with copies of the SLOC transportation guide for those wishing to visit the various venues during the Olympics. In addition, it was reported that the Second South entrance to the garage will be closed during February. All vehicles will be required to enter and exit the garage on Third South or on West Temple through the Hilton Hotel.

Next Meeting

The next Board Meeting is scheduled for Thursday, January 31, 2002, at 5:00 p.m. The Board of Trustees cordially invites all residents to plan to attend regularly, setting aside the last Thursday of each month at 5:00 p.m.

Adjournment

The meeting adjourned at 7:00 p.m.

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.