AMERICAN TOWERS OWNERS ASSOCIATION
Minutes of the Board of Trustees Meeting
Thursday, November 29, 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, 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 August 30, 2007 Board of Trustees Meeting and the November 15, 2007 Board of
Trustees Executive Meeting, upon motion duly made and seconded were unanimously approved.
Finance Committee
The Financial Statements from October 31, 2007 were reviewed by the Manager. The Association reported
an unaudited operating surplus of $62,583 Year-to-Date as of October 31, 2007. The Common Reserve Fund
has an unaudited balance of $265,907 and the Residential Reserve Fund has an unaudited
balance of $375,876 as of October 31, 2007. The Board also reviewed the delinquency report.
The Finance Committee will also begin reviewing and proposing the 2008-2009 fiscal year operating budget
together with an update to our reserve studies.
Building Improvement Committee
The Committee welcomed a new member, Bruce Hiatt, a retired Mechanical Engineer who spent a large part of
his career maintaining boilers and physical plant similar to ours. Bruce has
made an immediate and significant contribution to the committee already. Of
note, recently, in preparing our boilers for wintertime operation, our
maintenance contractor informed us that the south boiler has a burned out firing
cone which needed to be replaced and had to be built from an out-of state custom
fabrication shop at a cost of approximately $4,000. Upon learning that our
maintenance staff retained in storage six previously damaged firing cones, Bruce
inspected them and reported that four of them could be rebuilt at a local sheet
metal shop he has used in the past. With the consent and approval of our
maintenance contractor, we rebuilt four firing cones at a cost of $684 and keep
them in storage for future use. Each firing cone lasts between 2 to four years
and both boilers now have relatively new
firing cones. With replacement and proper tuning, the carbon monoxide
emissions which previously has been of concern is now negligible.
The Board recently looked at replacing these 25 year old boilers at considerable expense
and following the analysis of our consulting engineer John Frank, Carrier and our current Building
Improvement Committee, has concluded that complete replacement is not necessary at present, that
our boilers are functioning very well and conceivably can be maintained
in excellent condition for many years by periodically replacing these critical components.
The Finance Committee will look at adding the cost of full replacement as a future capital expense
in our reserve study.
Review of APP Meeting Minutes
The Board reviewed the minutes of the American Parking Plaza board meeting minutes of November 8, 2007.
Also, American Towers, having recently repaired and serviced our garage exhaust fans approached American Plaza
Parking to assume full responsibility for these fans and to include them in the regular service agreement
that APP has for all other the garage fans. There was some question regardig responsibility because they are
located in our private reserved portion of the garage, but the APP Board agreed to include them in it's
service agreement and the issue is now settled.
Next Meeting
The next meeting was scheduled for January 31, 2008.
Adjournment
The meeting adjourned at 6:00 p.m.
Respectfully submitted,
Mike Gravitz
Secretary