The City of Germantown’s Industrial Development Board (IDB) met January 5 to hear a presentation on the Economic Impact Plan associated with a proposed Tax Increment Financing (TIF) application for The Standard, a mixed-use redevelopment planned for the former Carrefour shopping center site.

The meeting was part of the City’s established review process and focused on providing background information and data for the IDB. No recommendations were made, however the date of the scheduled public hearing was officially changed to January 20 with a second meeting to vote on the project planned for January 29. The handful of residents who were in attendance were offered two opportunities to address the IDB. No comments were made.

What Was Presented

During the meeting, the IDB received an overview of the Economic Impact Plan prepared for the proposed redevelopment. The presentation summarized the history of the property, scope of the project, anticipated public infrastructure improvements and projected fiscal and economic impacts over time.

According to the plan, The Standard is a phased redevelopment of approximately 10.11 acres. Phase I, which has already been completed, includes approximately 12,000 square feet of commercial space which will be home to Josephine Estelle, the new concept from chefs Andy Ticer and Michael Hudman. Phase II includes 320 residential loft units, approximately 27,000 square feet of retail and commercial space and structured parking, with construction anticipated to begin in 2026. Up to a total of five phases are planned, including a hotel, additional retail, office space and condominiums, with timing dependent on market conditions each of which would require separate review.

The presentation outlined public infrastructure improvements associated with the project, including structured parking, roadway and streetscape improvements, utility and sewer upgrades and pedestrian connections. The Economic Impact Plan estimates infrastructure costs associated with Phase II at approximately $14.5 million, with additional infrastructure investment possible in future phases. These figures represent estimated project-related infrastructure costs and no direct City expenditures or financial risk. 

Property Tax and Revenue Estimates for Phases I and II

The Economic Impact Plan for Phases I and II also reviewed current and projected property tax revenue associated with the site:

• The City of Germantown currently collects approximately $108,859 annually in property taxes from the property.

• During the proposed 20-year TIF term, the plan estimates the City would retain approximately $193,085 annually in property taxes for Phases I and II. This figure represents the net new property tax retained by the City after designation to the TIF.

• After the TIF term concludes, the plan estimates the City would receive approximately $652,865 annually in property tax revenue from Phases I and II.

In addition to property taxes, the plan estimates annual sales tax revenue from Phases I and II exceeding $330,000, which would continue to flow to the City throughout the TIF term and beyond. All figures presented are estimates and are dependent on project completion, occupancy and market conditions. 

Broader Economic Impact

The Economic Impact Plan also evaluated broader economic effects associated with the development. Phases I and II of the project are estimated to generate an overall annual economic impact of approximately $61.9 million across Germantown and Shelby County. The analysis estimates the development would directly and indirectly support 403 jobs, generate $15.9 million in annual wages and result in approximately $2.2 million  local tax revenue each year. Future phases could increase these revenues beyond these conservative estimates.

Understanding the Role of the IDB

The Industrial Development Board is a public entity authorized under Tennessee law to evaluate economic development tools such as TIF. Its responsibilities include reviewing applications, analyzing financial and economic information, holding public hearings and making recommendations to the City’s Board of Mayor and Aldermen (BMA).

The IDB does not make the final decision on a TIF application. Final approval authority rests with the BMA following its own process.

What Happens Next

The IDB will continue its review of the proposed Economic Impact Plan as part of the public process. Upcoming steps include:

• January 20 – IDB public hearing, where residents may provide input, 5:30 p.m. in Council Chambers at City Hall, 1920 S. Germantown Road

• January 29 – IDB vote on whether to approve the Economic Impact Plan and advance the project for consideration by the Board of Mayor and Aldermen, 4 p.m. in the Economic and Community Development Klein Conference Room, 1920 S. Germantown Road

If a TIF is ultimately approved, it would be subject to annual review and ongoing oversight to ensure compliance with approved terms and eligible expenses.

Staying Informed

The City remains committed to a transparent review process and will continue to share information as it becomes available. Agendas, materials and updates will be posted on the City’s website in advance of scheduled meetings.