Finance Committee

Ella Knight presented and reviewed the minutes of the Finance Committee meetings held on December 17, 2003 and January 19, 2004. She reported that the committee has reviewed the financial statements of December 31, 2003 and the preliminary draft of the 2004-2005 operating fund budget. She reported that the committee will continue to investigate the costs and possible savings if any in several areas including motion sensors for some lighting where appropriate, improved pool chemicals, more consistent use of pool covers on the outdoor spas. The committee had also reviewed proposals for new equipment in the exercise room and requested that a survey be conducted among owners to determine what equipment most owners would like to see added or replaced. It was also reported that the committee will continue their research and work on the earthquake policy and that this work will also include a review of all of our insurance policies.

The Board also unanimously appointed Steve Tester to serve on the Finance Committee to replace Deborah Pariseau as the Commercial member.

Building and Improvement Committee

Mike Gravitz reported that there may exist a condition in many condos of some importance and possible hazard. In the process of observing our efforts to solve our heating problem, he observed that the fan coil units in some of the condos had electrical junction box covers removed leaving exposed wiring. He surveyed another 12 units and determined that seven of them had similar problems. It was reported thet the problem was important but perhaps not critical and the Board asked that further investigation be performed as to the extent of the problems.

Koch Mechanical Contract for AC Retrofit

It was reported that the Board met previously in executive session on January 15, 2004 with our attorney who had reviewed the AC retrofit contract from Koch Mechanical. The contract was unanimously approved at that meeting and executed shortly thereafter. The Board unanimously ratified approval of the contract and asked that it's approval appear in these minutes.

The table below is a financial summary at present of the AC retrofit project. Although the Board accepted the lowest bid, all of the bids came in higher than the projections of John Frank. We are still within the parameters of our assessment, but there is now a much smaller contingency allowance.

Revenue
	Assessment	$1,100,000
	Pacificorp Incentive	$     56,444
	Salvage (Estimate)	$     40,000
		=========
Total Revenue		$ 1,196,444
Costs
	Engineering, Plans, Supervision	$    75,000
	Construction Contract	$1,106,665
		=========
Total Costs		$1,181,665
		=========
Surplus / (Deficit)		$     14,779

AT TV Channel for Announcements

Irene Link reported that the Association now has a permanent location for our in-house TV channel for announcements. We are permanently located on channel 3 by contract with Comcast and cannot be moved without our approval. This important asset has finally been restored and is seen as a benefit to those who don't get out much to see the announcements usually located in the elevators.

Smoking Complaints

It was reported that our managment office has received requests to deal with cigarette smoke that seeps from condos of those who smoke into the condos of those who do not. After many unsuccessful attempts to seal the condos from the fumes, the Board was asked to investigate whether it should pursue further action with those owners condos that are the source of the fumes and odors. In extensive consultations with our attorney the Board has determined that it is without authority to take any action other than to notify those potentially causing the fumes and odors that there has been a complaint and to refer the nuisance statute of the Utah Code and suggest that as a possible course of action for affected owner. Our attorney drafted language for letters that would be sent to all parties affected.

It was also reported that the only way to enforce a no-smoking policy would be to amend the Declaration with a smoking prohibition amendment. Such an amendment requires the approval of 60% of all owners and is an unlikely threshold to achieve for any amendment that is possibly controversial. It was suggested that the Board take an informal survey of owners in order to judge whether such an amendment should even be proposed. The Board took this suggestion under advisement.

APP Board Meeting Minutes

The Board received and reviewed the American Plaza Parking Board meeting minutes of December 3, 2003 and January 7, 2004.

Next Meeting

The next meeting of the Board of Trustees was scheduled for Thursday, February 26, 2004 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