Industrial Development Board Meeting on The Standard Project TIF - January 20, 2026
Industrial Development Board Meeting on The Standard Project Tax Increment Financing (TIF) – January 20, 2026
The Industrial Development Board (IDB) of Germantown, Tennessee, held a public hearing on January 20, 2026, at 5:30 p.m. in City Hall Council Chambers to consider a Tax Increment Financing (TIF) application from CRE Devco Germantown, LLC for the redevelopment of the former Carrefour Mall property into a mixed-use project called "The Standard." The board heard a presentation from city staff and the developer, followed by public comments from six citizens. No vote was taken; the board will decide on the application at a called meeting on January 29, 2026, at 4:00 p.m.
Public Hearing & Comments
- Lillian Landrigan (1635 Holly Hill, Germantown; also owns dental office at 1920 Kirby Parkway) opposed the TIF, arguing the location is desirable and does not need public subsidy, that density (320 apartments) will cause traffic problems impacting her neighborhood (Poplar Estates) and business, and that additional costs for schools and services would outweigh benefits.
- Patrick Green (2900 Oakley) opposed, stating this would be the first TIF in Germantown history and set a dangerous precedent. He argued the project does not meet the "but for" standard because the area is not blighted, the developer has already completed Phase I (Josephine & Estelle restaurant) with private capital, and the 75% diversion of new tax revenue ($10 million over 20 years) would deprive schools and police of funds, especially after a recent property tax increase.
- Susan Burnett (223 Auduburn Lane) expressed concerns about the developer being well-financed and the site being prime real estate, questioned the lack of clawbacks or penalties for non-performance, and noted that 75% of new tax growth would be diverted for 20 years.
- John Payton (1705 Old Mill Road) opposed because taxpayers recently faced a property tax increase and the city already provided $2 million for a sewer extension; he argued that homeowners must pay for their own improvements and that developers should not receive special treatment.
- Teresa Holliman (2691 Scarlet Road) questioned how the developer could demolish the site without a funded plan, expressed distrust after recent property tax increases and unmet infrastructure needs in her neighborhood, and noted the demolition occurred without a clear funding path.
- Mike Diodabo (2279 Eldersley Drive, 40-year resident) supported the development (to replace the current blighted look) but opposed the proposed 75% TIF share, arguing the risk-reward balance favors the developer too heavily and that the city should retain a larger portion (e.g., 25% is too low). He also noted the developer should have had funding lined up before demolition.
Discussion Items
- Staff Explanation (Cameron, IDB staff): Reviewed the IDB TIF policy (since 2017) and the application process. Key points: the project has a minimum $65 million capital improvement threshold and minimum $5 million in public infrastructure; the TIF period is up to 20 years; incremental property tax revenue is generated after each phase is completed and has a use-and-occupancy permit; the developer assumes all risk; the TIF only reimburses eligible public infrastructure costs (transportation, utilities, site work, parking). The applicant submitted an affidavit certifying the project cannot proceed without TIF ("but for" requirement).
- Developer Presentation (Michael Fay, MJF Consulting representing CRE Devco): Emphasized the site (10 acres on the western gateway corner of Poplar and Kirby) is the most visible in Germantown and aligns with the Western Gateway Plan (2012) and Smart Code. Phase I (Josephine & Estelle restaurant) is complete ($7 million). Phase II (the Lofts) includes 320 residential units with ground-floor retail and a parking garage. All existing infrastructure (50-year-old sewer, drainage, utilities) must be replaced. Public parking will be included in garages. The TIF reimbursement only begins after each phase is fully built and open (2.5–3 years). Developer also clarified that the $2 million sewer extension will be paid pro rata by all users.
- Economic Impact Analysis (Corey Van Blaircom, Younger Associates): Provided one-time construction impacts for Phases 1 and 2: $136 million investment leads to $242.5 million local economic impact, supporting 862 jobs with $62.5 million in wages and $2.6 million in local taxes. Annual impacts after completion: $62 million in local spending, 403 jobs, $16 million in wages, $2.2 million in local taxes. Property tax details: current base tax (2025 assessed value) is $108,000; during the 20-year TIF, city collects $193,000 annually (plus sales tax) while $22 million in increment goes to TIF; after TIF, the city collects $652,000 in property tax plus $330,000 in sales tax annually (total ~$982,000). The project generates $51 million in local taxes over 20 years vs. $22 million in TIF funds, producing a 2.32:1 cost-benefit ratio.
Key Outcomes
- No vote was taken at this meeting. The Industrial Development Board will consider approval or denial of the TIF application at a called meeting on January 29, 2026, at 4:00 p.m. in the same room. Public comments will be accepted again at that meeting.
- The board will decide whether to forward the application to the Board of Mayor and Aldermen for final approval or reject it and end the process.
Meeting Transcript
In order to establish a quorum, would you call a roll? Yes, sir. Ms. Ham. Here. Mr. Hendricks. Here. Mr. Harless. Here. Mr. Levy. Here. Mr. Yonda. Here. Chairman Evans. Here. The next item on our agenda, those of you that have copies of the agenda is citizens to be heard. We are going to defer that item in conjunction with item number six, which is our public hearing. So anyone wishing to be heard will have the opportunity during item six on our agenda. We are not approving minutes tonight. The minutes of our previous meeting this month will be held until our call meeting on January the 29th. At this point in time, we are here tonight to talk about the standard project economic impact plan. The applicant is CRE DEVCO Germantown LLC. And at this point, I will adjourn the industrial development meeting for the purpose of allowing us to enter into the public hearing. Before we start and ask for comments and from citizens, let me make a couple of points if you will. First of all, we appreciate you being here tonight. We know there's great interest in the application for a tax increment financing proposal in conjunction with the standard development on our western border. We appreciate you being here, and we look forward to your comments tonight. Let me point out, however, that the task of the Industrial Development Board is still ahead of us, and that is to determine whether we will approve this application and forward it to the mayor and board of aldermen for their consideration and final approval, or whether we will turn down this application, in which case the process is over. None of those decisions will be made this evening, however. Those decisions will be made in our called meeting on January the 29th at 4 o'clock here in this room. And at that time, we will also once again have opportunities for citizen participation and comments. Tonight however the industrial development board members who are seated before you are here strictly to listen. The board itself has had two meetings with the developer for the purposes of asking questions, clarifying information, and allowing us to move forward with our process. Both current and future. Thank you, Chairman Evans, members of the Industrial Development Board. So as the chairman outlined, we're going to run through a presentation on your policy and how you're viewing this project, and then the developer will make a presentation on their application to you, and then the public hearing will take place with members of the public contributing to the discussion. So the project in front of you is the standard. It is the redevelopment of the former Care for Mall. I want to go over the TIFF as it works in Germantown, how the requirements work, how that revenue is allocated, the application and approval process, project accountability, and just a little bit of background on the project, and then pass it over to Mr. Mike Fay from the development team. So your policy, the IDB TIFF policy has been in place since 2017. That policy by state statute was put in place to facilitate economic development by funding public infrastructure and improvements. The IDB recommends and administers the program, but the Board of Mayor and Aldman holds the final approval authority for the TIFF to move forward. It will come back to you as the IDB for the financial agreement in review, which is further on in the process. But just briefly, the TIFF will start with the existing property tax revenue, that is the base tax year, and that will stay frozen with the property. Anything above and beyond that is what creates the increment.
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