AMERICAN TOWERS OWNERS ASSOCIATION
Minutes of the Board of Trustees Meeting
Tuesday November 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: Donna Boes and Deborah Pariseau.
Excused: Larry Shelton
Management present and participating: Joe Toronto
Approval of Previous Minutes: September 18, 2003
The Minutes of the September 18, 2003 Board of Trustees Meeting, upon motion duly made and seconded
was unanimously approved.
Financial Statements: September 30, 2003
The Financial Statements for September 30, 2003 were reviewed by the Manager. The
Association reported an unaudited gain of $50,350 Year-to-Date as of September 30,
2003. The Common Reserve Fund has an unaudited balance of $143,400 and the
Residential Reserve Fund has an unaudited balance of $341,004. Building and Improvement Committee
Mike Gravitz introduced John Frank our consulting engineer. John reviewed the completed plans and documentation for the
air conditioning retrofit. A proposed pre-bid meeting with contractors was proposed for Thursday December 4, 2003
at 9:00 a.m. in the Community Room. The bid opening was scheduled for December 22, 2003. The award of the
construction contract will be shortly after the bid opening and evaluation.
Finance Committee
Ella Knight reviewed the minutes of the Finance Committee meeting held on October 27, 2003.
The committee reported that it has reviewed the financial statements of September 30, 2003.
It was also reported that the committee will continue their research and work on the
earthquake policy. It was suggested that the committee members meet with the Board periodically
to update and review progress.
The committee also continues it's work on the website review. Several members who have website
experience are reviewing and organizing recommendations for improvements.
Air Conditioning Retrofit Assessment
The Board reviewed the proposed increase in the Common Reserve Fund monthly
assessment and the timetable for implementation.
The contractors bid meeting will be held on Thursday December 4, 2003 with the bid opening on December 22. Construction
will begin in January and will be completed by April. Upon motion made and duly seconded, the Board approved the
increase in the Common Reserve Fund assessment as follows: A letter is to be sent to all owners this month describing the assessment
and will include a copy of the Common Reserve Fund monthly increase for all units. The increase is to take effect on February 1, 2003 for
and is to remain in place for a period of seven years. The increase will first begin appearing on owners monthly statements
beginning with the February stat Flood Insurance Policy
The Board reviewed a confirmation letter from our insurance carrier that the flood policy has been cancelled
at our request and a credit for the premium in the amount of $8,250 will be applied.
Utah Power & Light Energy Efficiency Incentive Agreement
Upon motion duly made and seconded the Board approve the Utah Power & Light Energy Efficiency Agreement which
provides for a cash grant of $56,444 upon completion of installation of new chillers and cooling tower for our
air conditioning retrofit.
Next Meeting
The next meeting of the Board of Trustees was scheduled for Thursday, January 29, 2003 at
5:00 p.m. in the Community room. 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