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Aurora, IL Economic Development

Incentives

Invest Aurora coordinates with the City of Aurora to assist in business expansion and growth.  Our current incentive programs include Downtown Aurora Incentives, City of Aurora Incentives, as well as State and Federal programs.

 


Downtown Aurora Incentives

Finish Line Downtown Grant

The Finish Line Downtown Grant is a streamlined grant program geared towards assisting property owners in TIF District #1 and a portion of TIF District #3 with rehabilitation projects in order to increase the economic viability of downtown Aurora. The purpose of this grant is to assist property owners in the completion of rehabilitation projects in downtown Aurora. Property that will be rehabilitated must be commercial or mixed-use property within the downtown TIF District, TIF 1 and a portion of TIF 3.

 

John C. Dunham Revolving Loan Fund

Invest Aurora’s John C. Dunham Revolving Loan Fund is a new program aimed at assisting property owners in the downtown. Loans will be issued from a pool of over $1.2 million to finance eligible property rehabilitation for projects that are not commercially bankable. The loan pool is revolving in nature, with repayment amounts leveraging additional future loans. Loan amounts are reviewed and approved by an independent Loan Review Committee, made up of bank partners who have contributed to the loan fund. The new program is made possible thanks to a generous contribution from the Dunham Fund. 

 


City of Aurora Incentives

Community Development Assistance Program (CDAP)

The CDAP is a revolving loan (RLF) fund available to companies locating or expanding in the Aurora Township, typically used to acquire land, buildings, and equipment.  Projects eligible for the loans will be job creation or retention projects that benefit at least 51% low-to-moderate income individuals.  Project funds loaned will be secondary to either conventional bank or other non-CDAP financing, and will not exceed 1/3 of the total project cost.

 

Industrial Revenue Bonds 

The City of Aurora has the ability to issue tax-exempt industrial revenue bonds (IRBs) on behalf of manufacturing companies to finance the acquisition of fixed assets including land, buildings, equipment, and also new construction and renovation. IRBs provide financing rates that are lower than conventional financing.

 

New Markets Tax Credits (NMTC)

The New Markets Tax Credit program is designed to attract investment for economic development projects in low income areas. Investors contribute to a community development entity which then makes an investment in a qualified active low income community business. The investor receives a 5% tax credit in each of first three years and a 6% credit in each of the remaining four years for a total of a 39% tax credit over seven years.

 

River Edge Redevelopment Zone (RERZ)

The River Edge Redevelopment Zone program was created by the State of Illinois to stimulate the safe and cost-effective development of environmentally challenged properties adjacent to or surrounding rivers using tax incentives and grants.  Used to their fullest extent, these incentives can result in significant savings for property and business owners alike, while promoting Aurora’s economy. Goals of the River Edge Redevelopment Zone program include creating and retaining jobs, stimulating business and industrial retention and growth, and returning brownfield sites to productive use.

 

Stolp Island Historic District

A nationally designated district that allows property owners to qualify for the historic preservation tax credit program providing that the building is income producing and adheres to the Secretary of the Interior’s Standards for Rehabilitation. The federal tax credit can be worth up to 20% of the cost of rehabilitation.

 

Tax Increment Financing (TIF)

TIF districts are created to assist in the redevelopment of distressed and blighted areas. As improvements are made to an area and the value of that area increases, the incremental property tax can be used for public improvements or rebated to developers to incentivize additional development. Aurora currently has seven active TIF districts:

TIF #1 is commonly known as the Downtown TIF. It was created in 1986 and received a twelve year extension in 2009. TIF #1 will expire in 2022.

TIF #2 expired in 2012.

TIF#3 is commonly known as the River City TIF. It was created in 2000 and will expire in 2023.

TIF #4 is commonly known as the Bell-Gale, an industrial park. It was created in 2005 and will expire in 2028.

TIF #5 is commonly known as the West River TIF which encompasses Lake Street retail corridor. It was created in 2007 and will expire in 2030.

TIF #6 is commonly known as the East River TIF which encompasses the Route 25 corridor. It was also created in 2007 and will expire in 2030.

TIF #7 is commonly known as the West Farnsworth TIF. It was created in 2011 and will expire in 2034.

TIF #8 is commonly known as the East Farnsworth TIF. It was created in 2011 and will expire in 2034.

 


State of Illinois Programs

Economic Development for a Growing Economy (EDGE)

This program is provided by the Illinois Department of Commerce and Economic Opportunity.  The Illinois Economic Development for a Growing Economy Program (EDGE) offers special tax incentives for companies to locate or expand their operations in Illinois. EDGE allows companies to reduce their costs of doing business compared to related costs in other states.

 

Employer Training and Investment Program (ETIP)

This program is offered by the Illinois Department of Commerce and Economic Opportunity.  The Employer Training Investment Program (ETIP) assists Illinois companies in training their workforce to increase the productivity and competitiveness for Illinois businesses in the global economy. ETIP enhances job opportunities for employees in Illinois and keeps workers’ skills on pace with the latest technologies and business practices.

 


Federal Programs

Community Development Block Grant (CDBG)

Invest Aurora’s Business Expansion Forgivable Loan Program is a new program aimed at assisting low- to moderate-income business owners in Aurora’s Neighborhood Revitalization Strategy Area. The Forgivable Loan Program is funded by the United States Department of Housing and Urban Development’s Community Development Block Grants, administered by the City of Aurora. The Forgivable Loan Program is intended to assist entrepreneurs and small businesses attain access to capital. If applicants meet defined program needs, the loan amount issued will be forgiven at a rate of thirty three percent (33%) per year, spread over a period of three (3) years.

 

Historically Underutilized Business Zones (HUB Zones)

HUBZones (Historically Underutilized Business Zones) were established in 1997 by the federal government as part of the Small Business Reauthorization Act. Specific contracts from the federal government can be designated for HUBZone qualifying companies. Government-wide goals aim for 3% of prime and subcontracting opportunities to go to HUBZone companies.

 


For More Information

Invest Aurora is here to help you navigate your way through the various programs available.

 

For additional assistance, complete this easy online form or call our office at (630) 256-3160

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