Germantown is advancing economic development with The Standard, a mixed-use project set to redevelop the former Carrefour shopping center. According to the city's release, the Industrial Development Board (IDB) will meet on December 3 at 4 p.m. to review the TIF application for the project.
Phase I of The Standard has introduced a new commercial space that will house the Josephine Estelle fine dining restaurant. Phase II plans to add 320 apartments, additional commercial spaces, and a parking structure. CRE Devco Germantown, LLC is seeking a 20-year TIF, with 75% of new property tax revenue designated for public infrastructure such as roads and utilities, ahead of construction expected to begin in April 2026, according to the city’s release.
Last month, the IDB received a TIF application, which was initially reviewed by the board’s Application Review Subcommittee. The subcommittee approved moving the application forward for full consideration by the IDB. On December 3, the IDB will review the application, identify any additional analysis needed, set a date for a public hearing, and allow for public comments, according to the City of Germantown.
For Germantown residents, a TIF (Tax Increment Financing) captures the new property taxes generated by a development while preserving the existing tax base. TIFs are used to support public infrastructure improvements in development areas. To qualify for a TIF, a project must pass the “but for” test—meaning the development would not proceed at the same scale without the TIF.
After the December 3 IDB meeting, the process continues with a financial review by the board and a public hearing scheduled for January 13 at 6 p.m. to collect input on the project. Following the hearing, the IDB will vote on the TIF, and the Board of Mayor and Aldermen (BMA) will review the decision. If approved by the BMA, the developer and IDB will formalize an agreement, and the TIF will be implemented. The city plans to provide ongoing updates and opportunities for public input throughout the process.
