In A Win For Freeport, LL Bean Will Expand Its Headquarters
LL Bean is set to expand its headquarters in Freeport.
The head of the Freeport Economic Development Corporation, Keith McBride, says that the company's decision to reinvest in the town comes as good news, as the retailer had considered expanding in a different location.
"This is a very positive development for Freeport who, especially from the chair I sit in, has been focusing hard on setting the groundwork and making sure our landscape is in the best possible position to attract business investment to help balance our tax base," says McBride.
LL Bean's expansion will include modernizing and expanding its downtown location as well as implementing a new tax increment financing district. McBride says the $110 million project will result in new taxable value for the town. He estimates that LL Bean is responsible for just over 10 percent of the property tax collected by Freeport.
"They're a company that is going to be responsible and do their due diligence, especially in light of the very large investment they'd have to do hear or anywhere else," he says. "The fact that they chose to do it here is something that the town is obviously thrilled about."
The project, which is subject to a planning board and town council review process, is scheduled for completion in 2024.