UPDATE: Germantown is set to transform its economic landscape with “The Standard,” a pivotal mixed-use development project aimed at revitalizing the former Carrefour shopping center. The Industrial Development Board (IDB) will convene on December 3, 2023, at 4 p.m. to review a crucial Tax Increment Financing (TIF) application from CRE Devco Germantown, LLC.
This ambitious project, which includes the highly anticipated Josephine Estelle fine dining restaurant, is poised to enhance local amenities and residential options. Phase II plans reveal the addition of 320 apartments, more commercial spaces, and a parking structure—promising to inject life and investment into Germantown.
The IDB’s decision on December 3 is critical. They will evaluate the TIF application, propose any necessary further analysis, and schedule a public hearing, allowing residents to voice their opinions. The TIF, if approved, will allocate 75% of new property tax revenue for vital public infrastructure improvements, including roads and utilities.
The city’s TIF strategy is designed to ensure that new developments like “The Standard” generate economic growth without jeopardizing the existing tax base. Projects must pass a “but for” test, proving they wouldn’t proceed at the same scale without TIF support.
Following the December 3 meeting, the process will continue with a financial review and a public hearing set for January 13, 2024, at 6 p.m.. This hearing will provide an opportunity for community feedback before the IDB votes on the TIF application. A favorable vote will lead to further review by the Board of Mayor and Aldermen (BMA).
If the BMA approves the TIF, an agreement will be formalized between the developer and the IDB, paving the way for construction to commence in April 2026. This project not only promises economic revitalization but also aims to enhance the community’s quality of life through improved infrastructure and new housing options.
Residents are encouraged to stay engaged as the city plans to provide ongoing updates and opportunities for public input. The stakes are high, and the potential impact on Germantown’s future is significant. Stay tuned as we follow this developing story.
