Demographics:

Chicago is home to more than 8.4 million people, the third most populous metropolitan area in the country. Like many other Midwest metropolitan areas, the ongoing population shifts from north to south continue to challenge the region. As a result, population growth tends to lag the national average, with net migration having limited impact until an economic downturn, which tends to exacerbate the rate of out-migration. Population growth over the past decade has been concentrated in Chicago’s western suburbs, with the largest gains recorded in Aurora, Naperville and Joliet. The region’s median household income, currently $53,000 per year, has followed the national trend. However, when measured on a per capita basis, Chicago’s incomes are relatively high, at $35,300 per year, compared to the national average of $29,700 per year. Income growth is expected to trail the national average over the coming three-year period, hindered by the slow economic recovery and lack of positive migration.

Quality of Life:

Chicago, dubbed the “Second City” has something to offer to every one of its residents and visitors. Whether it is its legendary blues and jazz music, cultural and educational venues, professional sports, dining, entertainment, shopping or recreational amenities, Chicago is surely second to none when it comes to a big city lifestyle at an affordable price. Chicago is truly the most affordable cosmopolitan city. The cost of living index for Chicago is 107 (U.S. average = 100), which is 23 percent and 21 percent less than San Francisco and New York, respectively. Chicago’s relative affordability is largely due to its palatable home prices. The median home price of $207,000 is significantly lower than other cities of its magnitude and is less expensive than many smaller cities, such as Seattle and Denver. Cultural activities and venues underpin the city’s cosmopolitan lifestyle. Chicago is home to 70 museums, including the world-class Field Museum, Art Institute of Chicago, Shed Aquarium and Adler Planetarium. The theatre scene rivals the world’s best, with more than 120 troupes, 24 dance companies and 34 symphony orchestras. After attending one of these spectacular performances, Chicago’s legendary dining and nightlife kicks in.

Area Overview - North Aurora:

The Village of North Aurora is located in the heart of the western suburbs of Chicago, nestled among the scenic Fox River Valley in Kane County. It is home to an educated and diverse labor market with available property for development.

Easy access to Interstate 88, Route 31, Route 25 and Route 56 are just a few of the many reasons retail and housing developments have been extremely vibrant over the last several years. Recent retail projects include Woodman’s Grocery Store, Target and Kohl’s.

North Aurora has a pool of funds to assist businesses expanding or locating in the community. The amount of the loan is based on funds available and the number of jobs created. Reduced interest rates can be as low as 3% depending on prospect needs. Funds can be used to acquire property, equipment and various working capital needs.

The Route 31 TIF District includes properties with frontage on Route 31/Lincoln Highway, bounded roughly by Oak Street on the North, the Fox River Trail on the east, Sullivan Road on the south and the Burlington Northern Railroad on the west. The total area is approximately 198 acres and prime for retail development and office use.