Minutes of the Board of Trustees Meeting

Wednesday, December 3, 2008

5:00 P.M.

John Patton called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: John Patton, Mike Gravitz and Steve Campbell

Commercial Trustees present and participating: Donna Boes, Jonathan Dunn and Steve Orullian.

Trustees Excused: Norman Salisbury

Approval of Previous Minutes

The Minutes of the October 15, 2008 Board of Trustees Meeting, upon motion duly made and seconded was unanimously approved.

Finance Committee

The Financial Statements from October 31, 2008 were reviewed by the Manager. The Association reported an unaudited operating surplus of $29,000 Year-to-Date as of October 31, 2008. The Common Reserve Fund has an unaudited balance of $327,657 and the Residential Reserve Fund has an unaudited balance of $416,967 as of October 31, 2008. The Board also reviewed the delinquency report.

It was also reported that the committee together with the Trustees had met previously with our collection attorneys to review additional collection measures that the Association could pursue in order to resolve some severely delinquent condo fees for some condos that are presently unoccupied and which are also listed for sale. It was recommended that we begin additional collection steps such as terminating cable TV service, posting a list of delinquent owners in the lobby's and in the newsletter, and obtaining judgments in small claims court for the delinquent amounts. Additionally, the Board at their discretion could seek to foreclose the delinquent condos subject to any liens with priority. Upon motion duly made and seconded, the Board unanimously approved these additional collection measures and recommended that we employ these measures aggressively for delinquencies.

The committee also reported that it is keeping abreast of developments with the single investment in the Residential Reserve fund, a GMAC bond, and that they recommend to the Board that no action be taken at this time.

Building Improvement Committee

The committee reported that Salt Lake County Health Dept. has informed us that it will no longer perform routine legionella testing. Based upon several years of successful containment results with "cook & flush" procedures, the committee recommends that we continue with periodic (six months) cook& flush procedures and engage the County Health Departments services to test for the bacteria "as necessary" based on their criteria.

The persistent hot/cold water problem in the North Tower low rise has been fixed with the installation and balancing of a number of circuit setter valves to regulate the hot water flow through the recirculation lines thereby minimizing if not eliminating the prospect of hot water not circulating properly in that particular area.

Hamilton Partners Agreements

The Board reviewed two contracts from Hamilton Partners relating to the construction of 222 So. Main high rise building. The first contract will allow an underground passageway to be constructed between the new garage and the P1 level of our underground garage. The second allows Hamilton partners to remove a portion of the north plaza wall and extend the surface of the plaza approximately four feet so that the plaza will extend to and meet the above ground facade of the Hamilton Partners garage. After reviewing the contracts, upon Motion duly made and seconded, the Board unanimously approved the agreements and authorized the President to execute them for American Towers.

Next Meeting Schedule

The next meeting is scheduled for January 29, 2009.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Steve Campbell