President's Message - August 2003

Norman Salisbury
President

Dear Fellow Owners:

The structural restoration work in the parking garage has now been completed. What began as miscellaneous concrete repairs turned more serious when it was determined that some of the spalling was caused by two post-tension (PT) cables that had failed. The PT cables are a fundamental structural element and repair and re-tensioning was a necessity. The damaged concrete also turned out to be more extensive than anticipated.

While the construction work was intrusive, inconvenient and messy, the good news is that since the garage is under the jurisdiction of the American Plaza Parking, it will have very little impact on American Towers and on our assessments and reserves. While we annually pay our proportional share to APP each year for capital items in the garage; that apportionment does not change from year to year.

As I discussed in a recent letter, the air conditioning re-engineering and retrofit is underway. We will shortly be sending additional information regarding the financing and assessment options that we expect to be finalized shortly. We appreciate you patience through this difficult precess and these past hot months.

Our annual meeting of the members is to be held this coming Saturday, August 9 at 10:00 am in the Community Room. As I'm sure you are aware, an election is underway for two seats on the Board of Trustees. This is an important election with the many issues we are presently facing. Please plan to attend the meeting or return your ballot by mail. I speak for all of the Trustees in thanking you for your support and input in the many difficult issues that we have dealt with.

Sincerely,