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URA approves immediate $7,200 repair and seeds operating account for Park at Fort Gillum
Summary
URA staff reported TI Asset Management assumed property-management duties at the Park at Fort Gillum and has collected $47,000; the URA approved a $7,200 exterior plumbing repair and will seed a new operating account with $150,000 to cover initial months of operations.
Forest Park — The URA approved an immediate repair at the Park at Fort Gillum and reviewed operational steps as TI Asset Management assumes management responsibilities.
Economic development staff told the board that TI Asset Management began on-site duties two weeks ago and has already collected $47,000 in resident payments, which staff said represents expected monthly rent roll. The URA will open an operating account at Renaissance Bank and seed it with $150,000 to cover roughly the first three months of operating expenses, staff said.
During the meeting staff reported an identified exterior plumbing leak that required immediate work. The repair estimate presented to the board was $7,200. The URA voted to authorize the repair and grant TI Asset Management the authority to proceed.
Staff said TI Asset Management is conducting a phased property assessment: an initial "windshield" review to identify urgent repairs followed by a deeper audit and a third-phase infrastructure assessment (pipes, utilities). The management team will deliver a prioritized repairs list and projected budgets; staff said they plan to rebid larger renovation work and may pursue an RFP for construction when appropriate.
Next steps: TI Asset Management will finish the on-site assessments, produce a prioritized repair list, and staff will present budget and procurement recommendations to the URA. The $7,200 repair was authorized at the meeting.
