FAIRLINGTON ARBOR

BOARD OF DIRECTORS MEETING

JANUARY 27, 2004

The Board Meeting for January 27, 2004 was canceled due to weather.

The Board by telephone vote approved the following:

1. The Board approved cashing in a Treasury strip in the amount of $125,000 coming due on February 15, 2004 in anticipation of the spring roof replacement project and the milling and paving of the parking lots scheduled for the fall.

2. The 2003 General Operating Reserve Account was over funded by $10,768. The Board approved an equity transfer in the amount of $10,768 to the Asphalt and Paving Account.

3. The Board approved a request from the owner of 4425 S. 36^th Street for a basement bath remodel.