UPDATE: Germantown is on the brink of an economic transformation as the Industrial Development Board (IDB) prepares to review the Tax Increment Financing (TIF) application for “The Standard,” a pivotal mixed-use development. The IDB meeting is scheduled for December 3 at 4 p.m., where crucial decisions will be made about the future of this major project.
The Standard aims to redevelop the former Carrefour shopping center, introducing a vibrant commercial space that will feature the renowned Josephine Estelle fine dining restaurant. In its next phase, the project plans to add 320 apartments, additional commercial spaces, and vital parking facilities. CRE Devco Germantown, LLC is seeking a 20-year TIF, which would allocate 75% of new property tax revenues for essential public infrastructure improvements, including roads and utilities. Construction is anticipated to kick off in April 2026, pending approval.
The IDB’s meeting on December 3 will not only review the TIF application but will also involve a public hearing to gather community input. This is a critical step in the development process, as TIFs are designed to stimulate local economies by capturing new property taxes while maintaining the existing tax base.
According to the City of Germantown, the IDB previously received the TIF application, which was positively reviewed by the Application Review Subcommittee. This advancement signifies strong momentum for the project, which has the potential to significantly boost Germantown’s economy and improve public infrastructure.
For residents, the TIF mechanism is essential; it ensures that the economic benefits of new developments enhance community resources. A project must satisfy the “but for” test to qualify for a TIF, demonstrating that it would not proceed at the same scale without this financial support.
Following the December 3 meeting, a financial review by the IDB will occur, and a public hearing is slated for January 13 at 6 p.m.. During this hearing, community members will have the opportunity to voice their opinions on the project. The IDB will subsequently vote on the TIF application, followed by a review by the Board of Mayor and Aldermen (BMA). If the BMA approves the TIF, the developer will formalize an agreement, allowing the project to move forward.
Residents and stakeholders are encouraged to stay informed as the city commits to providing ongoing updates and opportunities for public engagement throughout this process. This development represents a significant opportunity for Germantown, promising to revitalize the area and enhance local amenities.
Stay tuned for more updates as this story unfolds!
