True Tool Innovations to relocate to Claremont
CLAREMONT — City officials and a Croydon company are looking to close a purchase and sales agreement of the armory building on Winter Street early next year.
"It's going to be sold for $160,000," said City Planning and Development Director Nancy Merrill on Monday. "It really is a very nice situation I think for everybody concerned. We have a building that will now be home to a new company in the city that will generate new jobs and put the building back on in tax base. …We're happy with the outcome."
City Council approved the purchase and sale agreement last week, which is expected to be finalized on or around Jan. 6, Merrill said.
The buyer is a small manufacturing company in Croydon — True Tool Innovations — that plans to relocate and expand its business at the former National Guard building.
When the New Hampshire National Guard abandoned the 14,000-square foot armory in 2009 ownership reverted to the city. It was the height of the recession and city officials wondered how long the city would own the building because of that, Merrill said.
Over several years there were city and county discussions about establishing an emergency dispatch center at the building, however, that idea failed to garner community support, so city officials put the building the market.
True Tool is a high precision manufacturer of cutting instruments and medical instruments.
Owner Brain McKahan and his wife currently employee six people, but would like to expand the force of high tech workers.The larger production area of about 7,000 square feet in the armory would allow for the addition of new equipment and one employee to start with.According to City Manager Guy Santagate the building is assessed at about $700,000, but needs a lot of work.