AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Trustees Meeting*

Monday, September 9, 2002

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, Blane van Pletzen, Irene Link and Sandra Sterns

Commercial Trustees present and participating: Larry Shelton and Donna Boes

Excused: Deborah Pariseau

Management present and participating: Joe Toronto

Approval of Previous Minutes: June 27, 2002

The Minutes of the June 27, 2002 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: July 31, 2002

The Financial Statements for July 31, 2002 were reviewed by the manager. The Association reported an unaudited income of $13,263 in July for the Operating Fund. The Common Reserve Fund has an unaudited balance of $74,434 and the Residential Reserve Fund has an unaudited balance of $219,522. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency.

Building and Improvement Committee

Mike Gravitz reported that progress is being made in the HVAC. He referred the Board to a letter from our consulting engineer John Frank that had arrived just prior to the meeting. The letter is a progress report and the Board will study it. Mike explained that the problem appears to existed for many years and referred to the 1993 Naman study of our mechanical systems that described the chronic nature of the problem that still exists today. He also reported that the recent caulking of the window frames that had experienced water leakage, also appears to have been successful during some recent severe storms. Before the repairs, these types of storms would have resulted in the water leaks through the frames. The Manager then reported on the North Tower roof leak, that the most recent repairs also appear to have been successful. A water test with three to four inches of water covering most of the north roof was successfully performed in August, and there were no leaks during the recent storms. Preparations are being made to complete final repairs to the damaged condo on the 26th floor.

Design Committee

Bruce White displayed and example of a proposed floor-numbering system for both the North and South Towers. This request grew out of concern from some residents who have difficulty identifying their particular floors.

Bruce White then proposed moving two chairs from the North Lobby to the South Lobby in an effort to beautify the South Tower Lobby, particularly the South Wall facing the elevators. He further recommended the fabrication of granite table for this area.

After discussion, the Board deferred action on the proposals to a later time.

Finance Committee

Keith Joseph was approved a new member of the Finance Committee and Sandra Sterns was welcomed as the Board Liaison to the committee. Shinika Sykes reported that the committee met on Aug. 22 and reviewed the following items.

The committee recommended, and the Board approved, that management obtain new reserve studies in preparation for our budget process and to ensure that reserve assessment levels are appropriate to rebuild our long-term reserves.

The committee decided to defer making any studies or recommendations on investment alternatives for our reserve funds, concluding that the presently invested money market funds earning 1.75% and the GMAC corporate bond earning 6% are sufficiently secure and safe. They also reported that alternatives could more appropriately be examined when the reserve funds reach a higher level when excess funds are available for long-term investment. The committee will continue to carefully review the budget process and current expenditures.

Rooftop Recreation Area Hours

It was reported that the Board has received numerous written responses to it's request for input and comment on the open times of the rooftop recreation areas. The Board thanked the owners and residents who took the time to respond in writing and reported that the comments were all very helpful. All letters concerning the rooftop are appended to these minutes. The Board also conducted an open forum time to obtain further input from those present at the meeting. It was further announced that the Board would hold a short meeting on Friday, September 13, 2002 for the sole purpose of making a final decision on the hours of operation of the rooftop recreation areas.

Next Meeting

The next Board Meeting is scheduled for Friday, September 13, 2002, at 5:00 p.m. for the purpose of a final vote on the open times of the rooftop recreation areas. The Board 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 7:00 p.m.