In TIF districts, assessed value is frozen for the purpose of tax collection, and as the value of the property rises, the taxes created by increasing property value goes into a special fund, known as an increment. That money is used for expenses related to the development.
Aurora aldermen recently approved final plans for the 187-unit Pacifica Riverview apartment complex between the Fox River and North River Street in the city’s downtown.
An Aurora City Council committee this week recommended final plans for the 187-unit Pacifica Riverview apartment complex planned between the Fox River and North River Street.