Jaffrey is set to purchase the former TD Bank on Main Street, after a special Town Meeting on Saturday when nearly 200 residents unanimously gave approval to spend $1.2 million in fund balance to buy the building and convert it to a new town office.

After about 30 minutes of discussion, a total of 195 registered voters gave a unanimous voice vote, with no dissent offered, to the proposal.

Select Board Chair Franklin Sterling explained that the current town office building at 10 Goodnow St., behind the Police Department, shares a parking lot with the back of the bank and was purchased in 1995 as a temporary home lasting no more than five years. However, the offices have remained in the building despite several inadequacies. Among those, Sterling said, are a lack of storage space – the town pays about $350 a month for a separate storage space in Rindge – a lack of a waiting room or a secure lobby to separate visitors and staff, lack of a large meeting space, lack of energy efficiency and not being compliant with the Americans with Disabilities Act.

The bank has storage space in the lower levels, an ADA entrance and an elevator, Sterling said. It has 8,555 square feet of space, in line with what studies have suggested would be appropriate for the town offices, compared to the 4,800 square feet available on Goodnow Street.

Sterling outlined efforts to replace the building in 2011 and 2015, projects that came with price tags in the $3 million to $5 million range and didn’t see support from voters. He said the bank was an opportunity to purchase a building that largely already meets the town’s needs, with some retrofitting, while using taxes that have already been collected and are in the town’s undesignated fund balance.

“We are in a good position to purchase this,” Sterling said. “We can purchase this with cash.”

Sterling explained that the state recommends that towns retain a portion of the budget year-to-year in a fund that can be pulled from in emergency situations, such as disaster relief after storms or major unexpected repairs to town buildings or equipment. The town’s current undesignated fund, prior to Saturday’s vote, was $3.34 million. Additionally, the town has been contributing to a town office fund, and has already set aside $319,526 for a new town office. Sterling said this fund would be used to retrofit the bank where it’s needed.

Some residents asked questions, but several also stood up simply to express support for the proposal, and encourage others to vote in favor.

Rick Lambert said the availability of the bank was a unique opportunity. Lambert, a former selectman, described looking at potential properties for a town office back in 2007, and said other priorities, such as a new well, put too much financial pressure to also purchase a building.

“I was on the Budget Committee for nine years, and believe me, I was not a big spender, I’m still not a big spender, and most of you that know me, know that. This is a great deal for the town; it answers all the questions for the future, and we cannot get a better buy,” Lambert said. “This is a great deal.”

Resident Harry Young thanked the members of the town staff for their work on the project, saying that the town had made “sharp negotiations” to bring down the original price of the property from $1.5 million.

“I think it’s wonderful, to our benefit,” Young said.

No one spoke against purchasing the property.

When asked about future needs, Sterling said the town anticipated being able to continue to use the bank for at least the next 50 to 75 years, and that some satellite offices, such as the Recreation Department, could move from the tin barn to a real office.

When asked about the current offices, Sterling said the current plan is to retain the building, and that the town has already been in discussion with some possible tenants, such as the Jaffrey Historical Society and TEAM Jaffrey.

When asked about solar panels and whether there was a possibility they’d be added to the roof, Sterling said the town is interested in purchasing a share in the solar farm being built by the transfer station, which works on a model where owners of the farm get energy credits for the solar energy produced, but was not looking into panels for the building.

Ashley Saari can be reached at 603-924-7172, Ext. 244, or asaari@ledgertranscript.com. She’s on X @AshleySaariMLT.