The Gilmanton Village Manufacturing Co., under the leadership of Gov. William Badger, built the Belmont Mill in the 1830s. It first produced cotton cloth, but was converted to hosiery knitting in 1865. In 1885, it had the largest annual production of hosiery in NH. With major renovation and mechanization in the 1920s, the Belmont Hosiery Co. was famous for its full-fashioned hoisery, distributed worldwide. The last stocking was knit in 1970, after over a century of local manufacturing in Belmont. Mostly abandoned in the 1970s, the mill suffered a devastating 1992 fire. In 1995, the mill was on the verge of demolition when citizens fought to explore re-use options. After a charrette conducted by Plan NH, federal funding restored the roof to its 1830s design, and helped rehabilitate facade and interiors. Press rededication reports in 1998 called the building's new era as town and community center the “Miracle on Main Street.”