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URA authorizes FG Infrastructure closing on remaining Fort Gillum acreage; new property manager updates tenant payment and building inspections
Summary
The URA authorized FG Infrastructure to exercise its option on 53 remaining Fort Gillum acres and to permit the Chair to execute closing documents. TI Asset Management, the new property manager, reported a new Bank of America operating account forthcoming, tenant payment options via AppFolio (fees noted) and preliminary building-walk findings.
The Forest Park URA voted to authorize FG Infrastructure and affiliates to exercise an option to purchase the remaining 53 acres at Fort Gillum and authorized the Chair to execute closing documents, with a closing scheduled for the coming Tuesday (or possibly Monday if paperwork is complete).
"We entered into an agreement to sell 153 acres ... they have exercised their option to purchase, and closing is set for this coming Tuesday," an attorney for the URA said, asking the board to authorize the transfer and to empower the Chair to sign closing documents. Mister Wilson moved the motion and Miss Carter seconded it; the Chair called for a vote and members voiced 'Aye.'
Following the sale authorization, TI Asset Management representatives updated the board on Fort Gillum property management. TI Asset said the company has executed paperwork to open a new operating account with Bank of America and expects the account to be active by early next week. Until that account is operational, TI Asset staff will collect tenant checks and transport them to corporate for deposit.
Dominique, the property manager, described tenant payment options: the AppFolio portal allows electronic check payments (eCheck fee cited as $2.50) and card payments (fee roughly $9.99), and tenants can also pay at participating retail locations. Several residents had expressed concern about fees and check deposit access; TI Asset said a check scanner will be installed once the new account is established.
TI Asset's Joe Glass reported that initial building walks covered approximately half the property: "The interiors weren't as bad as I initially would have thought," he said, but he also flagged capital needs such as roofs and gutters and identified some vacant units. Glass said none of the units he inspected required condemnation and that resident relocation remains an option if specific buildings require more extensive work.
No additional board action was taken beyond authorizing the closing and receiving the management update; staff said they will return with a more detailed capital-improvement plan and timeline.
