New law extends Aurora TIF

Gov. Rod Blagojevich this week extended the 22-year-old Tax Increment Financing district for downtown Aurora for 12 additional years.

City officials and legislators say the act will help create hundreds of millions of dollars in redevelopment efforts for downtown.

Tax Increment Financing is a tool cities can use to attract development in blighted areas.

To encourage development and lower the residential tax burden, cities pledge to use future gains in tax revenues generated by a TIF-eligible development to help pay back a portion of the cost of development improvements.