Annual Reports

View Annual Reports on all Aurora TIF Districts.

What is Tax Increment Financing (TIF)?

TIF Districts seek to increase property values by encouraging development within the designated area.  TIF Districts can only be created by municipal government and can exist for up to 23 years. A project must be located within a TIF District to receive TIF Funding. TIF Funds often make previously infeasible development projects possible.

TIFs are designed to channel funding toward improvements in areas where development or redevelopment may not otherwise occur. When an area is developed or redeveloped, there is an increase in the value of the property. The increased site value and investment creates more taxable property, which increases tax revenues. The increased tax revenues are the “tax increment.” TIFs pledge the future increased revenue for repayment of eligible costs associated with the improvements.

During the life of the district, TIF Financing allows a developer to receive a portion of the increased real estate taxes generated from the new project. Typically, TIF Funds are a small portion of the overall project costs and are meant to close “the gap” between conventional bank financing, the owner's funds and the project's costs.

TIF Districts do not raise real estate taxes; rather, they capitalize on the increased revenues generated by the development and improvement within the TIF District boundaries. A TIF designation simply allows any additional property tax revenue to be earmarked for improvements within the district.

City of Aurora TIFs

The city currently has a number of existing TIF districts throughout the City that have allowed Aurora to finance a variety of high-profile and important development projects with the revenue generated by the development.

City Wide and Downtown Existing TIFs April 2023