The Tampa Tribune: “Civitas Project Seems To Hold A World Of Promise For Tampa”
Excerpt from The Tampa Tribune, December 19, 2003
Civitas, the brainchild of Turanchik and developer Bill Bishop, has presented a dramatic proposal for what could be the biggest economic boon ever to bless east Tampa.
Their plan calls for mixed-income housing — owner-occupied and rentals — combined with commercial, retail and industrial projects.
The project depends on tax-increment financing, which would require increased taxes collected throughout the 157 acres to be spent there for public upgrades. A private foundation would help subsidize the housing costs of low-income residents.
Civitas would take seven to 10 years to significantly pay off for private investors and the general public. Turanchik and Bishop estimate a $1 billion value when it’s completed. The value today is only $6.8 million.