AMERICAN TOWERS OWNERS ASSOCIATION
Minutes of the Board of Trustees Meeting
Thursday, April 29, 2004
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, Irene Link, John Patton and Sandra Lee Sterns
Commercial Trustees present and participating: Larry Shelton, Donna Boes and Steve Tester.
Management present and participating: Joe Toronto
Approval of Previous Minutes: April 2, 2004
The Minutes of the April 2, 2004 Board of Trustees Meeting, upon motion duly made and seconded
was unanimously approved.
Financial Statements: March 31, 2004
The Financial Statements for March 31, 2004 were reviewed by the Manager. The
Association reported an unaudited deficit of $16,280 Year-to-Date as of March 31,
2004. The Common Reserve Fund has an unaudited balance of $298,510 and the
Residential Reserve Fund has an unaudited balance of $398,589. The Board also reviewed the delinquency
report. Building Committee
Mike Gravitz reviewed the progress on the installation of the chillers and the cooling tower. The chillers
have been delivered and are in the process of being installed in the P1 parking garage to the left of the
commercial elevator entrance. The cooling tower has also been delivered and is also in the process of being
installed on the north plaza. Mike also reviewed some critical errors that were made by the contractor on
the north plaza where they incorrectly x-rayed the plaza and in drilling, cut and damaged several post tension cables in
the plaza. Two structural engineers have reviewed the error and recommended reparative measures that will have
to be taken. Our expectation is that the repair will be at least as sound, if not more so, than before the
error was committed. This problem together with some equipment delivery delays may result in a delay in
placing the system in operation by the target date of May 15. Although the contractor insists that they will
meet that date, it appears that the switch over to the new system will likely be several weeks later.
APP Board Meeting Minutes
The Board received and reviewed the American Plaza Parking Board meeting minutes of March 27, 2004. It was
noted that although the other partners of the Parking Board have tentative approval and funding for the plaza
restoration project for 2005 the project may not be approved until 2006. The Board also noted that American Towers
appears to be able to fund our share from our Residential Reserve fund and no increase in assessments will
be necessary for this project.
Adjournment
The meeting adjourned at 6:30 p.m.
Respectfully submitted,
Sandra Lee Sterns
Secretary