URGENT UPDATE: Germantown is on the verge of a significant economic transformation with the proposed approval of the TIF for “The Standard,” a mixed-use development set to revitalize the former Carrefour shopping center. The Industrial Development Board (IDB) will convene on December 3 at 4 p.m. to review the crucial TIF application that could pave the way for this groundbreaking project.
Phase I of The Standard is poised to launch with a new commercial space featuring the highly anticipated Josephine Estelle fine dining restaurant. Moving forward, Phase II plans to introduce 320 apartments, additional commercial outlets, and a state-of-the-art parking structure. The developer, CRE Devco Germantown, LLC, is seeking a 20-year TIF, with an impressive 75% of new property tax revenue earmarked for vital public infrastructure improvements, including crucial roads and utilities.
The IDB’s upcoming meeting follows last month’s initial review by the Application Review Subcommittee, which greenlit the TIF application for further consideration. During the December 3 session, officials will assess the application, identify any additional analyses needed, and set a date for a public hearing, allowing residents to voice their opinions.
For residents of Germantown, the TIF (Tax Increment Financing) mechanism is designed to capture new property taxes generated by developments while maintaining the existing tax base. This financial strategy aims to support necessary public infrastructure improvements in designated areas. To qualify for a TIF, projects must demonstrate that they would not advance at the same scale without this financial boost.
Following the IDB meeting on December 3, the process will continue with a financial review by the board and a public hearing scheduled for January 13 at 6 p.m. This hearing will collect community feedback 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). Should the BMA approve it, an agreement will be formalized, allowing the TIF to be implemented.
Residents and stakeholders are encouraged to stay informed as the city plans to provide ongoing updates and opportunities for public input throughout this pivotal process. The potential approval of The Standard signals a bright future for Germantown, promising new jobs and enhanced community amenities that could greatly benefit local residents.
Stay tuned for developments as they unfold; this project could change the face of Germantown forever!
