The Courier of Montgomery County reports that, in order to secure a site for the future Conroe City Hall, the City is buying the former Dailey Oil Tool building on Plantation Drive at a cost of $5.6 million.
The 60,000-square-foot multi-story building is on a 12-acre site. The structure was built in the 1980’s
The building is beyond repair, according to city officials, and will be demolished. The building is “full of environmental concerns,” according to Deputy City Administrator Nancy Mikeska. She said the facility “is so deteriorated that it is not on the tax rolls.”
Founded in 1945, Dailey put its focus on providing downhole drilling equipment. Dailey went public in 1996.
Nasdaq delisted the company’s stock in February of 1999 for not meeting the minimum price requirement. Later in 1999, the company filed for bankruptcy, and in conjunction with that the company was picked up in August 1999 by Houston-based Weatherford International for $195 million in Weatherford stock, according to an article from the Houston Business Journal.
Last sold in 2019 to TAD Conroe Partners, the building went through several ownership changes.
The purchase would need voter approval. The city has outgrown the Conroe Tower at 300 West Davis, according to Mikeska. At present, city staff can be found at various locations throughout the city.
