Germantown board approves $750,000 forgivable loan IGA to help Flamingo Marine relocate and expand
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Summary
The Germantown Village Board approved an intergovernmental agreement with Washington County that memorializes a $750,000 forgivable loan to Flamingo Marine to support relocation and expansion in Gateway Business Park; forgiveness is tied to company performance and monitored by EDWC.
Germantown’s Village Board voted to approve an intergovernmental agreement with Washington County that formalizes a $750,000 forgivable loan to Flamingo Marine aimed at facilitating the company’s relocation and expansion into Gateway Business Park.
Village staff and Economic Development Washington County (EDWC) told trustees the loan is expected to be repaid from the incremental tax revenue generated by Flamingo Marine’s investment. EDWC CEO Christian Cheslock said the forgiveness provisions are performance‑based: at the end of a three‑year measurement period EDWC will reassess Flamingo’s actual jobs and investment; any shortfall becomes a note between the county and the company.
"The forgiveness provisions are based on jobs created and the new investment," Christian Cheslock said, explaining EDWC will conduct the analysis and package a final result for the county and village.
Administrator Steve Krecklow and EDWC staff presented increment revenue trends for Tax Increment District (TID) No. 8: increment revenue rose from about $1.9 million in 2023 to $2.7 million in 2024 and $3.0 million in 2025, with a projected $3.5 million in 2026. Trustees were told Flamingo’s investment—about $15 million into a Zilber Corporation–owned building—would generate additional increment that should cover the loan’s debt service and could accelerate the TID’s early closure.
Trustees pressed for clarity on village exposure if Flamingo failed to meet performance benchmarks. Staff characterized the village’s maximum exposure as the $750,000 loan amount, and said the IGA and county oversight include recourse and performance protections.
Several trustees said the proposal met two principal tests: limited village exposure and potential to enhance and accelerate TID revenue. Trustee Rick Miller called the structure of the deal “low risk” and said an earlier TID closure would benefit all taxing jurisdictions.
Trustee Pieper moved to approve the agreement; after discussion the board carried the motion by roll call. President Robert Soderbergh thanked EDWC for attending and providing supplemental information.
Next steps outlined by staff: EDWC will monitor the company’s performance against the agreed milestones, produce periodic reports to the village, and prepare an amortization schedule tied to a closing date once that date is set.