L.L. Bean Inc. has requested a $10 million tax break from its hometown of Freeport, ME, as part of a planned headquarters expansion, according to a Monday report in the Portland (ME) Press Herald.
The article said that as L.L. Bean “moves ahead with plans for a $110 million renovation and expansion of its corporate headquarters in Freeport, town officials are contemplating whether to grant a $10 million tax break to the renowned outdoor retailer for the project’s development.”
According to the article, “In exchange for the tax incentive, the retailer vowed to clean up a polluted stream, create a public trail into the downtown area and build an events center for the community.”
After considering a departure from Freeport, the company is now planning a 400,000-square-foot office complex on the existing headquarters site with a completion date of 2024.