AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Thursday, July 26, 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, Blane van Pletzen, and Bruce White

Commercial Trustees present and participating: Donna Boes and Deborah Pariseau

Management present and participating: Joe Toronto

Excused: Betsy Bradley, Larry Shelton

Approval of Previous Minutes: June 28, 2001

The Minutes of the June 28, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: June 30, 2001

The Financial Statements for June 30, 2001 were reviewed by the manager. The Association reported an unaudited loss of $15,609 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $154,869 and the Residential Reserve Fund has an unaudited balance of $249,170.

Building and Improvement Committee Report:

Tom Halleran reported that he has received a letter of resignation from Ron Davis from the Building and Improvement Committee and thanked Ron for his years of dedicated service on that committee and congratulated him on the completion of the outside restoration project. Tom also reported that Norm Salisbury who has served on the committee for several years has accepted the invitation to serve as its chairman. In addition, Mike Gravitz has also accepted an invitation to serve on the committee.

Ron Davis reported on a summary of building items that have been a concern of the committee. It is anticipated the committee will continue to monitor these items.

Design Committee Report:

It was reported that the rooftop improvements are progressing. There have been some significant delays caused by one of the contractors. The other vendors are performing admirably and are coordinating their efforts very well. The rooftops will be open for the remainder of the project although certain areas where work is being performed will have to be closed off from time to time.

Audit Report

The Board reviewed the 2000-2001 audit report. Upon motion duly made, tabled acceptance and approval until all Trustees have a chance to review further, in detail.

Insurance Renewal

The Board reviewed the insurance renewal proposal from Affiliated FM and presented by Fred A. Moreton & Co. Upon motion duly made, tabled approval until all Trustees have a chance to review further, in detail.

Next Meeting

The Annual Owners Meeting is to be held on Saturday, Aug. 11, at 10:00 a.m. in the Community Room. One new Residential Trustee and one Commercial Trustee will be elected to the Board.

The next Board Meeting is scheduled for Thursday, August 30, 2001, 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 6:00 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.