FORT COLLINS, Colo. — Some businesses inside Fort Collins’ famous Old Town say they are having a tough time surviving amid an uncertain U.S. economy and rising property taxes that have some moving to new locations.
“There's a big expense starting over, and the risk is the location,” Cherilee Blubaugh, owner of the Elegant Pear said, which is moving from its store in Old Town to a new one on the east side of Fort Collins. “You know, I'm going from tons of foot traffic in Old Town to this very different and unique shopping experience of a totally different clientele and being more intentional to come and find me.”
Blubaugh is just the latest owner to shutter her doors in Old Town.
Last summer, Everyday Joe’s, a 20-year Old Town classic closed its doors for good due to high rent. Then, the Peacock’s Perch moved to Loveland.
Suddenly, to some, the risk of starting over started to sound better than the risk of staying.
One of the biggest culprits has been new property taxes in Larimer County to account for Northern Colorado’s growing population and home values.
30-100% annual appreciation for business owners
According to the city’s Chamber of Commerce CEO, businesses in Fort Collins saw an annual appreciation of 30% to 100%.
“I know people's utility bills like, tripled,” Blubaugh said. “So, all of these expenses come into play when we're still kind of dealing with a shopper that is just now coming back to wanting to shop in person.”
“We're trying to maintain a stiff upper lip in the face of the rising property taxes,” owner of the Perennial Gardener in Old Town Julia MacMillan added.
She decided to keep her business put despite the increase.
“We're just hoping that the, you know, the powers that be, can also, you know, hear what's going on and maybe help us out a little bit here,” MacMillan said.
She said the higher taxes add to an already-difficult tariff situation that has forced her to pay 10% on most of her supplies with tariffs on some products rising nearly 20%.
10-20% tariffs on goods for business owners
“There's an awful lot of factors that are affecting us,” MacMillan said. “Tariffs have been an incredible burden to have to bear. It's affected not just us, but a lot of our suppliers that we buy from.”
That is not the case for everyone. Old Town continues to bustle and buzz with the proximity of all it has to offer, but it does so with a little less assurance than its name has traditionally offered.
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