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URA greenlights emergency repair, reviews Park at Fort Gillum operations and draft budget
Summary
The URA confirmed TI Asset Management as the new property manager for Park at Fort Gillum, agreed to open a URA-funded operating account seeded at $150,000, authorized a $7,200 emergency plumbing repair and reviewed a draft operating budget and phased assessment plan for vendor transfers and future RFPs.
Economic development staff reported that TI Asset Management assumed property-management duties at Park at Fort Gillum two weeks ago and has already collected about $47,000 in rent. The URA will open an operating account at Renaissance Bank seeded with an initial URA contribution of $150,000 to cover early operating needs and approximately three months of expenses.
Staff notified the board of an exterior plumbing leak at the property requiring an immediate repair estimated at $7,200. The board voted to authorize the property manager to proceed with the critical repair; the motion carried on a voice vote.
Staff also presented a draft operating budget from the management company, described the phased approach to building assessments (immediate repairs, deeper assessment, infrastructure investigations) and noted AppFolio owner‑portal implementation, vendor audits (utilities, pest control) and pending insurance updates. The board discussed plans to rebid larger scope work through RFPs for redevelopment phases and to prioritize critical maintenance and tenant account transitions.
Next steps: staff will forward the detailed draft budget to board members, provide the property-management contract and vendor audit materials, and return with prioritized repair schedules and RFP timing for larger renovation work.
