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Tag: GJEP

Grand Junction Economic Partnership Unveils Captivating Video Highlighting Opportunity Zones & Riverfront at Las Colonias

The Grand Junction Economic Partnership (GJEP) has released its latest video highlighting the Grand Junction area produced in partnership with the Colorado Office of Economic Development & International Trade (OEDIT). The video, titled Opportunity Awaits in Grand Junction, highlights the region as a place for investment through its seven federally designated Opportunity Zones.

The video puts the spotlight on the picturesque Riverfront at Las Colonias business park and showcases the area’s potential for economic growth and new development. Featuring several local businesses and community stakeholders including Bonsai Design, Camp Eddy, City of Grand Junction and Colorado Mesa University, the video tells the story of development within the region and areas of opportunity for new investment and business development.

“Our community has experienced tremendous momentum over the past few years and many of the new investments we’re seeing are from the Opportunity Zone perspective. These designated Opportunity Zones provide a unique chance for visionary businesses to thrive and flourish”, stated Curtis Englehart, Executive Director of the Grand Junction Economic Partnership. “This video really tells the story of who we are as a community and highlights many of our shared values. We are thankful for the support of OEDIT and the opportunity to produce this asset that will be utilized as a focal point within our marketing efforts.”

The Opportunity Zone program is a federal incentive encouraging long-term private investment in historically low-income communities by giving investors tax benefits for investing in real estate projects and operating businesses. Investors can receive incentives through deferral and elimination of state and federal capital gains taxes. Over the past five years, the program has garnered much success throughout Colorado and amassed over $1 billion in new investment throughout the state.

“We are excited to see the Grand Junction area celebrated in this video. The Opportunity Zone incentive has driven over a billion dollars of needed investment into workforce housing, outdoor recreation and businesses across Colorado. We have seen all three investment types in Grand Junction, which has exemplified best practices by identifying Opportunity Zone projects and businesses and working directly with investors to multiply investments in businesses and create new housing. This video continues the great work we’ve seen in Grand Junction since the program began in 2018,” stated Jack Tiebout, Senior Program Manager for the Colorado Office of Economic Development and International Trade.

There are seven Colorado Opportunity Zones in the Grand Junction area, primarily located near Downtown Grand Junction, Powderhorn Mountain Resort and Grand Mesa. One of the most notable properties ready for investment is the Riverfront at Las Colonias business park.

The Riverfront at Las Colonias is a 140-acre mixed-use space; and includes a 15-acre business park with seven shovel-ready pad sites along the Colorado River near Downtown Grand Junction. This development began as a public-private partnership to turn the City of Grand Junction’s blighted riverfront into a beloved community asset. The property is now home to 6 local businesses, the development of 322 housing units. It features attractive nearby amenities, including a 4,000-person capacity amphitheater, a botanical garden, a river park and a zip line opening this summer.

As the Opportunity Zone (OZ) program nears its 2026 sunset, now is the time to take advantage of investment opportunities within these designated zones. This program aids in spurring economic growth and job creation in historically lower-income communities while providing tax benefits to investors. Investors can defer tax on any prior eligible gain to the extent that a corresponding amount is invested in a Qualified Opportunity Fund (QOF). The last day that investors can realize a capital gain that can be put into a QOF is December 31, 2026, but investors can hold an OZ investment as long as 2046 to realize its full 10+ year benefit, including the elimination of capital gains tax on the appreciation of the OZ investment itself.

For businesses seeking to relocate or expand into the region, GJEP offers a range of support services, including assistance with site selection, access to business resources and incentives and introduction to local and state networks.

To view the captivating video and discover the potential of the Grand Junction area’s Opportunity Zones and development opportunities through the Riverfront at Las Colonias, please visit www.gjep.org/opportunity.

Grand Junction Economic Partnership Releases Economic Impact Report

While the Grand Junction Economic Partnership (GJEP) has experienced staff turnover over the past year, it has maintained a focus on supporting the greater community and now experiences increased stability with new leadership at its helm.

In August 2022, Curtis Englehart accepted the role of GJEP’s Executive Director. Curtis Englehart was previously the Director of the Mesa County Workforce Center for more than fivee years and was the driving force behind Mesa County’s Work Ready Community Initiative.

Deputy Director, Steve Jozefczyk who served as the organization’s Interim Director for one year, stated, “With support from the GJEP Board and staff, our team was striving for a seamless transition during our search for a new Executive Director. Curtis hit the ground running by picking up existing projects and moving forward with new initiatives he envisioned for GJEP.”

Since taking on the role, Englehart has hired two additional staff members, including a Director of Marketing & Communications and an Office Manager. He has worked to facilitate new strategic planning and goal-setting initiatives with GJEP’s internal team and Board of Directors while strengthening relationships with key stakeholders and leadership throughout the community

He stated, “We are very pleased with our end-of-year numbers and are excited to share our economic impact and return on investment with our community. 2022 was a very successful year, and we have great momentum as we start 2023! We are proud to say that for every $1.00 invested in GJEP in 2022, we generated $20.00 in economic impact.”

With a fully staffed team, GJEP focused its efforts on ending the year strong, citing five out of their seven wins happening toward the end of 2022. The report calls out a total economic impact of $15,690,242 for 2022, resulting from business attraction and expansion efforts. This economic impact includes:

  • 7 wins (business expansions and/or relocation).
  • 9 local assists.
  • 83 actual jobs created and 333 potential jobs in 2022.
  • $8,920,062 in economic impact from job creation.
  • $4,025,000 total capital expenditure.
  • $6,770,180 economic impact of capital expenditures.

The year’s wins include EquipmentShare, Spares in Motion, and MotoMinded. EquipmentShare, a nationwide construction technology company, expanded into the Grand Junction area. Their presence in the area created 13 new jobs with an average salary of $50,000 and a total capital expenditure of $3,000,000 into our community through the purchase of their building. Spares in Motion, the largest international e-business platform for wind turbines, selected Grand Junction as its first North American location and became the 26th company for Mesa County accepted into the Rural Jump Start Program. Additionally, motorcycle parts manufacturer, MotoMinded, worked closely with GJEP during their relocation from Colorado Springs to Grand Junction in 2022.

As our community continues building momentum together, the Grand Junction Economic Partnership anticipates more wins for Mesa County in 2023. Englehart stated, “It is great to see the attention our community is garnering. Our marketing efforts are seeing record engagement levels and it is also great to see additional projects and stories that highlight our local area, like Grand Junction appearing in the New York Times’ 52 Best Places to Visit in 2023. It remains an exciting time for this great community.”

GJEP will secure more wins as it works closely with several prospects in its pipeline from various industries, including outdoor recreation, manufacturing, and technology. In 2023, new leads will be generated through expanding its marketing efforts and attending meaningful tradeshows, including the upcoming AVALON Australian International Aerospace & Defense Exhibition. Additionally, GJEP plans to promote several powerful tools for attracting new business, such as Opportunity Zones within the Grand Junction area, the Riverfront at Las Colonias business park, and the Rural Jump Start Program.

The Grand Junction Economic Partnership will continue building strong relationships with its fellow economic development partners, including the Grand Junction Area Chamber of Commerce and the Business Incubator Center, as well as our local and state governments. GJEP will soon announce the return of the 2023 Western Colorado Economic Summit.

To view the Grand Junction Economic Partnership’s 2022 Annual Report, please visit www.gjep.org/annual-report-2022.

 

About the Grand Junction Economic Partnership

The Grand Junction Economic Partnership (GJEP) works to enhance the economic vitality and quality of life in the Grand Junction area by supporting high-impact capital investment and job creation. GJEP is a single stop for businesses looking to relocate or expand in the cities of Grand Junction and Fruita, the Town of Palisade, and surrounding communities in Mesa County. Operating as a 501(c)3, GJEP offers free services that help businesses navigate incentives and opportunity zones and connect with realtors and developers, the workforce, local leadership, and more. Visit www.gjep.org for more information.

Colorado company approved for rural Jump-Start

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The Economic Development Commission, a division of the Colorado Office of Economic Development and International Trade (OEDIT), approved Sky Peak Technologies for the Rural Jump-Start Tax Credit Program, a Colorado incentive program that provides companies located in rural areas with significant tax breaks if they bring a new technology, product or service to the region.

Sky Peak Technologies, based in Fruita, has developed a proprietary software to reduce mobile data consumption and costs for Mobile Operators. The company earned statewide recognition earlier this year as a winner of the Greater Colorado Pitch Series during West Slope Startup Week. With this incentive program, the startup plans to open a new office in Fruita and hire at least five new software developers. Their primary source for new talent will be through a collaboration with Colorado Mesa University’s computer science program.

Sky Peak is the seventh company to join the Jump-Start program in Mesa County since August–and the sixth company to be approved for the tax credit this calendar year. Additional companies that were recently approved for the program are:

  • Valkyrie Recovery Systems Inc., a company that specializes in using parachutes and other fabric decelerators to slow down and safely land rockets, UAV’s, airdropped payloads and satellites that are designed to re-enter Earth’s atmosphere. The brand-new startup, launched in 2021 in Grand Junction, plans to double its staff in 2022 and add a few local interns from Colorado Mesa University’s engineering program.   
  • Lyttle’s Fleet is a manufacturer that recently relocated from Pomona, CA to Grand Junction. Their operations involve “upfitting” for large vehicle manufacturers (FM, Ford, Chrysler). Lyttle’s Fleet receives unfinished trucks and installs truck beds and other finishing work. The compay has several large contracts underway that offer great opportunity to scale operations in the Grand Valley.  
  • SCOR’D is a user-friendly app designed to connect socially aware consumers to proven, socially responsible companies. 87% of consumers want to buy from socially responsible companies, according to the startup, and this app gives them the information to make informed purchasing decisions. With the approval of Jump-Start, SCOR’D is now ready to find office space and several employees to run, maintain and improve this technology.  

The Grand Junction Economic Partnership (GJEP) previously reported on Eco Super Structures, Hayden Data and Acom Unlimited, which were approved for Jump-Start earlier this year.  

The Jump-Start program originated in Mesa County in 2015, spearheaded by Colorado Mesa University (CMU), local business leaders and economic development partners.  Sky Peak Technologies makes the 25th company to participate in the program in the County.

Through Jump-Start, companies receive 100% tax credit on income and sales taxes for four years, with opportunity to extend for another four years. As of this year, participants are also eligible for special cash grants. In exchange, the businesses will add a minimum of three net new jobs to the county in high-paying, highly skilled fields. They also form a partnership with CMU through mentorship, internship opportunities and community involvement. To learn more about the Rural Jump-Start Tax Zone in Mesa County, Colorado, visit jumpstartmesaco.com.

The Grand Junction Economic Partnership (GJEP) works to enhance the economic vitality and quality of life in Colorado’s Grand Valley by supporting high-impact capital investment and job creation. GJEP is a single stop for businesses looking to relocate or expand in the cities of Grand Junction and Fruita, the Town of Palisade and surrounding communities of Mesa County. Operating as a 501(c)3, GJEP offers free services that connect businesses with realtors, developers, workforce, local leadership and more. GJEP also provides guidance on incentive programs, such as the Rural Jump-Start Tax Credit and Opportunity Zones. Join us in the New West – visit www.gjep.org for more information.