AMERICAN TOWERS OWNERS ASSOCIATION
Minutes of the Board of Trustees Meeting
Thursday September 18, 2003
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 and Deborah Pariseau.
Excused: Donna Boes
Management present and participating: Joe Toronto
New Officers Elected
It was announced that at an Executive Board Meeting held on Wednesday September 17, 2003, the following officers
of the Association were elected: Norman Salisbury as President, Irene Link as Residential Vice President, Deborah Pariseau
as Commercial Vice President, Sandra Lee Sterns as Secretary, and John Patton as Treasurer.
Approval of Previous Minutes: July 16, 2003
The Minutes of the July 16, 2003 Board of Trustees Meetings and the August 9, 2003 Annual Meeting of the
Members, upon motion duly made and seconded, were unanimously approved.
Financial Statements: August 30, 2003
The Financial Statements for August 30, 2003 were reviewed by the Manager. The
Association reported an unaudited gain of $48,241 Year-to-Date as of August 30,
2003. The Common Reserve Fund has an unaudited balance of $132,949 and the
Residential Reserve Fund has an unaudited balance of $330,870. The Board also
reviewed the Delinquency Report and the Managers explanation report of each
delinquency. Building and Improvement Committee
Mike Gravitz reported that the committee continues to monitor the work and progress of the air
conditioning retrofit and continues to work with Otis elevator on several customer service
and quality assurance issues under our service and maintenance contract. Mike also reported that the committee
will proceed with proposals regarding the building code and building permit issues raised for owners that
engage in remodeling their condos.
Finance Committee
Cheryl Stapley reviewed the minutes of the Finance Committee meetings held on August 25, 2003 and
September, 22, 2003. The committee has reviewed the Bank One loan and information from other lending institutions
to whom loan applications had been made for the AC retrofit. The committee recommends acceptance and approval
of the Bank One loan. Upon motion duly made and seconded, the Board approved the loan subject to review and approval
of the loan documents by the Asso The committee has been reviewing our various insurance policies for some time
and recommends that our flood policy with an annual premium of $10,000 and a deductible of $100,000 is
unnecessary and should be cancelled. A memo from our insurance agent indicated a premium savings this year of $8,250
if the policy were to be cancelled on October 1. It was noted that coverage applies only to flooding entering our property
from the outside, the elements or a broken water main. Commercial Trustees expressed some concerns regarding
flood risks related to the Deli and the Beauty Salon that have previously experienced water damage from severe storms.
The trustees asked for further clarification of the details of our coverage before approving cancellation of the
policy.
Note: Subsequent to the Board Meeting, further information was given to the Trustees and on September 26, 2003
approved cancellation of the policy on October 1, 2003 by unanimous written consent.
The Finance Committee also reported that it continues to investigate the earthquake policy, the limits and
deductibles as they apply in the context of the requirements of our Declaration and plans to report the findings in a report to the
Board and to all owners.
It was reported that the committee reviewed our annual audit report, and is also receiving and reviewing monthly financial
statements for review prior to presentation to the Board. The committee also reviewed certain large itemized
expenditures, the fire pump rebuild, boiler retrofit and water bill.
Comcast Contract Amendment
The Board reviewed a written amendment to our Comcast TV contract. This revision contains the additional language
our attorney suggested and provides for a permanent home for our in-house information and announcement
TV channel. It provides that the first location, anticipated to be channel 12, will be installed at Comcast
expense and that future relocations, if any, shall be at American Towers request and expense. Upon motion duly
made and seconded, the Residential Trustees unanimously approved the contract amendment.
Social Committee
The Residential Trustees approved Carole Wheeler as chairperson of the Social Committee. She plans to hold
a few various social gatherings for residents to become better acquainted.
Election Rules
The Board reviewed some additional rules for Trustee elections to provide for ballot handling and procedures
to follow in the event of a recount request. The Residential Trustees approved the rules upon motion duly made
and seconded.
American Parking Plaza Board Minutes
The Board reviewed the minutes of American Plaza Parking Board meeting held on September 24, 2003. It was noted
that Central Parking has been terminated as the garage manager and Republic Parking has been hired as of October 1, 2003
to assume all responsibilities of managing the garage.
Next Meeting
The next meeting of the Board of Trustees was scheduled for Thursday, October 30, 2003 at
5:00 p.m. in the Community room contingent upon completed AC plans from John Frank.
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