SALISBURY, MD-The Wicomico Council has given Tryko Partners approval to continue a PILOT agreement for Pine Bluff Village. The approval brings Tryko one step closer to buying the land on which the 150-unit senior housing community is built, and then launching a major renovation of the complex.
Tryko Partners, which specializes in affordable housing ownership and management, purchased Pine Bluff Village, which is located at 1514 Riverside Dr., last summer. At that time, the Wicomico Council approved the transfer of an existing PILOT agreement--continuing a lessee-operator agreement with the state dating back to 1977--to Tryko. Tryko then entered into a one-year HAP contract with The Department of Housing and Urban Development (HUD), extending Pine Bluff Village's status as senior/disabled affordable housing.
Now, Tryko Partners is in negotiations for a purchase agreement for the land. The sale will nullify the existing PILOT agreement and replace it with similar PILOT terms that preserve the payment-in-lieu tax benefits for Tryko. Tryko Partners entered the Salisbury multifamily market with the purchase of Pemberton Manor in late 2011.
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