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Cell Phone Towers Annual Report January 2008

Prepared by Greg

When we first built the new addition using the tower income as leverage for the bond issue, many of us were concerned about the future of the tower contacts and what would happen if the tower contracts dried up. Greg has done a wonderful job of monitoring this and keeping us informed of changes in the cellular industry. In my mind we have reached a point where even if the tower income disappeared, we would have enough equity in the building to go out and secure a conventional mortgage and be ok. Rather than drying up however, the towers seem to be as strong as even with Greg now negotiating for a possible new antennae and additional income. Perhaps more than anyone, Greg has been responsible for the new addition and all that we have been able to afford to do.