Germantown is set to enhance its economic landscape with the proposed mixed-use project known as The Standard, aimed at redeveloping the former Carrefour shopping center. The project awaits the approval of a Tax Increment Financing (TIF) application, which will be reviewed by the Industrial Development Board (IDB) during a meeting scheduled for December 3, 2023, at 16:00.
The first phase of The Standard has already introduced a new commercial space that will feature the Josephine Estelle fine dining restaurant. Plans for phase two include the construction of 320 apartments, additional commercial spaces, and a parking structure. The developer, CRE Devco Germantown, LLC, has requested a 20-year TIF, which would allocate 75% of the new property tax revenue to public infrastructure projects, including roads and utilities. Construction is anticipated to begin in April 2026, contingent on the approval of the TIF.
The IDB received the TIF application last month, initially reviewed by the board’s Application Review Subcommittee, which recommended advancing it for full consideration. During the upcoming meeting on December 3, the IDB will evaluate the TIF application, identify any further analysis required, and schedule a public hearing. This meeting will also allow citizens to provide their input regarding the project.
Tax Increment Financing is a mechanism that captures new property taxes generated by a development while preserving the existing tax base. TIFs are commonly employed to finance public infrastructure improvements in development areas. For a project to qualify for a TIF, it must pass the “but for” test, indicating that the development would not proceed at the same scale without this financial support.
Following the IDB meeting on December 3, the process will proceed with a financial review by the board. A public hearing is set for January 13, 2024, at 18:00, where community members will have the opportunity to express their views on the project. After this hearing, the IDB will vote on the TIF application. Should the TIF be approved, the decision will be reviewed by the Board of Mayor and Aldermen (BMA). If the BMA grants approval, the developer and IDB will formalize an agreement, enabling the TIF to be implemented.
The city of Germantown commits to providing continuous updates and ensuring opportunities for public engagement throughout this developmental process.
