AMERICAN TOWERS OWNERS ASSOCIATION
Minutes of the Board of Trustees Meeting
Thursday, July 26, 2007
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, Mike Gravitz, Sandra Lee Sterns, and John Patton
Commercial Trustees present and participating: Donna Boes, Taymour Semnani and Jonathan Dunn.
Approval of Previous Minutes
The Minutes of the June 13, 2007 Board of Trustees Meeting, upon motion duly made and seconded
were unanimously approved.
Finance Committee
The Financial Statements from June 30, 2007 were reviewed by the Manager. The Association reported
an unaudited operating surplus of $35,173.30 Year-to-Date as of June 30, 2007. The Common Reserve Fund
has an unaudited balance of $251,723 and the Residential Reserve Fund has an unaudited
balance of $320,869 as of June 30, 2007. The Board also reviewed the delinquency report.
The liability and property insurance renewal proposals were presented and reviewed. Our existing carrier
Affiliated FM proposed a renewal that reduced our premium from $149,214 to $148,856. The competing proposal
from Philadelphia/Great American proposed an annual premium of $152,209 but also reduced the earthquake coverage
by $35 million. Following discussion, the Board decided to continue with full coverage with the lower premium.
Upon motion duly made and seconded, the Board approved renewal of the Affiliated FM insurance proposal.
Building Improvement Committee
The Building Committee reported that our mechanical systems are all performing well. During this summer period of
extended triple digit weather, our air conditioning system is showing its true capability and for the
most part is coasting even during the hottest afternoons. Even though we are running our chilled water at
42 degrees, the two chillers rarely run at greater than 50% capacity.
Review of APP Meeting Minutes
The Board reviewed the minutes of the American Parking Plaza board meeting minutes of June 5, 2007.
Next Meeting
The next meeting was scheduled for August 30, 2007.
Adjournment
The meeting adjourned at 6:00 p.m.
Respectfully submitted,
Mike Gravitz
Secretary