KRM Development Corp. President Kate Gray confirmed today that the company has gifted the Dixon Valve & Coupling facility at 800 High Street to Washington College. The transaction was completed yesterday, Gray said.
The 11-acre property has an assessed value of nearly $3.4 million, according to state tax records–and it accounts for about $14,500 in annual tax revenue to the Town of Chestertown and $34,000 to Kent County.
The High Street facility is adjacent to the northern leg of the town’s Rail Trail, which runs from High Street to Morgnec Road.
Under the terms of the gift, the company will continue to maintain manufacturing operations and administrative offices at 800 High Street until its new Chestertown Business Campus on Warner Drive is completed–in about two years, Gray said.
Kent Athletic and Wellness Center, located at the north most end of the High Street facility, will be operated by the YMCA beginning the first of the year. This will be temporary until a new YMCA facility is built at the corner on Haacke Drive and Scheeler Road.
Washington College President Kurt Landgraf praised KRM and Dixon as a long-time supporter of the college’s mission.
“The gift by KRM of 800 High Street is extremely important for Washington College,” Landgraf said in a press release on Tuesday. “Its proximity to the College gives us the potential for a range of options.”
“Dixon and KRM have been consistent supporters of the College, by hiring our alumni, creating terrific internships for our students, and standing shoulder-to-shoulder with us on so many of the challenging issues which face Chestertown and Kent County,” Landgraf said. “Our gratitude is deep and heartfelt for this remarkable donation, and for all of their continued and many-faceted contributions to Washington College.”