Monrovia had one of the first steam grist mills in central Indiana. Harris and Goddard owned and operated it, and it was built in 1856. The property underwent many upgrades over the years, including the addition of a woolen mill in 1861, and it was powered by wood, coal, and eventually electricity. W. H. Hubbard purchased the mill in 1897, and four generations of the Hubbard family owned it until it was sold in 1991. The building was torn down in 2004 and had been one of the oldest buildings and longest family-owned businesses in Monrovia.