Finish Line Grant
The Finish Line Grant program assists property owners and tenants in the completion of rehabilitation projects that will enhance the economic viability of downtown Aurora. It is intended for rehabilitation projects.
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.
River Edge Redevelopment Zone (RERZ)
The RERZ has three main functions: to create new jobs, stimulate the local economy, and to revitalize significant buildings, sites and neighborhoods. It was designed by the State of Illinois to help redevelop properties facing environmental challenges adjacent to rivers in Illinois, like the Fox Valley River.
This program provides tax credits for developments located in these redevelopment zones. You can find out more on the Illinois.gov website.
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.
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.
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.
Tax Increment Financing (TIF)
TIF districts are created to assist in the redevelopment of distressed 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 given to developers for 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.