UPDATE: Germantown is on the brink of an economic transformation as officials prepare to review a crucial Tax Increment Financing (TIF) application for “The Standard,” a mixed-use development project poised to revitalize the former Carrefour shopping center. The Industrial Development Board (IDB) will meet on December 3, 2023, at 4 p.m. to evaluate the proposal, which could inject an estimated $300 million into the local economy.
The first phase of The Standard is already underway, featuring the opening of the upscale Josephine Estelle fine dining restaurant. But that’s just the beginning—Phase II plans to include 320 apartments, additional retail spaces, and a comprehensive parking structure, significantly enhancing the area’s commercial appeal and residential capacity.
CRE Devco Germantown, LLC is seeking a 20-year TIF, aimed at allocating 75% of new property tax revenues towards essential public infrastructure improvements, such as roads and utilities. With construction slated to kick off in April 2026, this project promises to reshape Germantown’s landscape and boost local employment opportunities.
The IDB received the TIF application last month, which was initially reviewed by the Application Review Subcommittee that approved it for full board consideration. During the upcoming meeting on December 3, the IDB will assess any additional analyses required, set a date for a public hearing, and gather public input on the project.
For Germantown residents, TIFs are vital tools that capture new property taxes from developments, ensuring the existing tax base remains intact while funding public infrastructure. However, to qualify for a TIF, developers must demonstrate that the project would not proceed at the same scale without this financial support.
Following the December 3 meeting, the process continues with a financial review and a public hearing set for January 13, 2024, at 6 p.m. During this hearing, community members will have the opportunity to voice their opinions on the project. Afterward, the IDB will cast its vote on the TIF, which will then be reviewed by the Board of Mayor and Aldermen (BMA). If the BMA approves, a formal agreement will be established between the developer and the IDB, leading to the implementation of the TIF.
Residents and stakeholders are encouraged to stay engaged throughout this process, as the city promises ongoing updates and opportunities for public input. As this project unfolds, it has the potential to create a vibrant community hub, providing not only new housing and businesses but also a renewed sense of pride and economic vitality in Germantown.
Keep an eye on this developing story as the IDB meeting approaches. The future of Germantown could very well be at stake, and community participation will play a crucial role in shaping the outcome.
