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C Squared Ciders started up their business in RiNo nearly five years ago. Co-founder Andy Brown said the area now looks nothing like it did back then.
"RiNo when we opened about five years ago wasn’t like it is now and we knew it was going to be hot and so did the landlords but we didn’t know how much taxes were going to rise in the area," Brown said.
Brown said the nearly 300% property tax increase was putting a burden on the future of his business. He said he had always wanted to grow and expand the business and instead, most of the money was going toward paying rent.
"In rough numbers, the property value of this building probably went from about $2 million to $6 million," Brown said.
Brown found a new home for C Sqaured Ciders in the town of Penrose, about 40 minutes south of Colorado Springs.
There, he will be able to grow his own apples and produce on site.
His partner, Chad Hatlestad, said the price difference is also significant.
"So we will save about $150,000 just in rent alone a year," Hatlestad said. "So calculate that out over a 10-year period, that’s going to allow us to put that cash back in the business and grow it."
C Squared will finish out the year in RiNo while they continue moving their equipment to Penrose.
They hope to begin operations and open to the public in May 2020.