UPDATE: Germantown is on the brink of a significant economic transformation as the highly anticipated mixed-use project, The Standard, prepares to move forward pending Tax Increment Financing (TIF) approval. The Industrial Development Board (IDB) is set to meet on December 3, 2023, at 4 p.m. to discuss the TIF application that could reshape the former Carrefour shopping center.
This development comes as a much-needed boost for the Germantown community. Phase I of The Standard will feature a new commercial space, including the upscale Josephine Estelle fine dining restaurant. Phase II plans to introduce 320 apartments, additional commercial spaces, and a parking structure, promising to create jobs and enhance local amenities.
CRE Devco Germantown, LLC, the developer behind the project, is requesting a 20-year TIF plan, which allocates 75% of new property tax revenue to support essential public infrastructure improvements such as roads and utilities. Construction is expected to commence by April 2026, pending approval.
Last month, the IDB received the TIF application, which was favorably reviewed by the board’s Application Review Subcommittee. The upcoming meeting on December 3 will allow the IDB to evaluate the application, identify any further analysis needed, and schedule a public hearing.
For residents of Germantown, TIFs are crucial as they capture new property taxes generated by developments while maintaining the existing tax base. This financing mechanism is designed to stimulate public infrastructure improvements, allowing projects like The Standard to thrive. To qualify for a TIF, developers must demonstrate that the project would not proceed at the same scale without this financial support.
After the December 3 IDB meeting, a financial review will follow, with a public hearing set for January 13, 2024, at 6 p.m. This hearing will provide a platform for community input on the project. Subsequently, the IDB will vote on the TIF, followed by a review from the Board of Mayor and Aldermen (BMA). If approved, the developer and IDB will finalize an agreement, leading to the TIF’s implementation.
The city of Germantown is committed to keeping the public informed, with plans to provide ongoing updates and opportunities for community engagement throughout the process. This project represents a pivotal moment for Germantown, promising to enhance the quality of life for residents and stimulate local economic growth.
As the December 3 meeting approaches, all eyes will be on the IDB and the community’s response. The outcomes of these discussions could set the stage for a vibrant new chapter in Germantown’s development.
