Two buildings are planned for Grand Junction, a project financed in part by a loan from a downtown development organization.
The Downtown Grand Junction board authorized a $500,000 loan to Kaart Group to develop vacant lots at 702 and 734 Main St. Kaart Group plans to construct a six- to eight-story building at 702 Main St. in addition to a four-story office building planned for 734 Main St.
“The downtown board saw the benefit of helping move this project forward,” said Brandon Stam, executive director of Downtown Grand Junction. “It’s a catalytic project. This hits a lot of different boxes for us.”
The Downtown Grand Junction board agree to loan Kaart Group $500,000 at 2 percent interest, but forgive the loan if the company hits certain milestones on time.
Kaart Group gathers and maintains geographic data for countries around the world. The company renovated a building at 750 Main St. that for now serves as its headquarters as well as home to the Factory coworking space.
Downtown Grand Junction uses what’s called tax increment financing to fund capital improvement projects that maintain and promote a viable business district downtown.
In addition, a business improvement district downtown imposes an assessment on commercial properties that raises funding for advertising, marketing, promotions, public relations and special events.