“Doing business in
have neither re-submitted the plan nor filed an application with the city’s Industrial Development Board for tax increment financing — in which a portion of the increased property taxes it generates goes to pay for project infrastructure — or a payment in lieu of taxes (PILOT).
“The ball’s totally in their court,” City Administrator Patrick Lawton said of the developers. Their next steps would be to submit the Town Center plans to the Planning Commission for preliminary and final site plan approval, and to submit an application for tax increment financing to the city’s Industrial Development Board.
Despite the board-meeting debate, the apartment moratorium does not affect Germantown Town Center, Lawton said. And the only relevant lawsuit he’s aware of was filed by residents of the Forest Hill Heights area over development in general, not against any specific project, he said.
“Doing business in Germantown is a very difficult process because of all the conflicting groups out there,” Elkington said.
From the outset, he said, developers have told the city they would need to plug a project financing gap with about $30 million in public assistance through a TIF or PILOT, Elkington said. The developer is concerned about spending more money preparing the TIF application without more support in the suburb, he indicated.
Lawton said he hopes the developers will move forward because ”it’s an exciting project. Until they take the next step with the Planning Commission or the city’s (tax increment financing) application process, we won’t know.”
Mayor Mike Palazzolo echoed Lawton said the city has developed guidelines in place, and it follows them.
“That is what has always been the good checks and balance for our community. We welcome them making an application for any of those economic development partnerships. We can’t give feedback or a commitment — firm or soft — until an application is made,” Palazzolo said.