Boston-based athletic footwear company New Balance, which earlier this month won approval from the Londonderry Planning Board to build its sixth U.S. manufacturing facility, is working with the New Hampshire Business Finance Authority to secure a bond of up to $72.5 million.

The Union Leader reported that the first phase of the New Balance plan calls for a 102,418-square-foot building with office and manufacturing space to be built at 55 Pettengill Road and generate 250 jobs. A future expansion will double the space and bring in another 200 employees, the company said.

Under the financing proposal, the BFA will use state-backed bonds to construct the new facility and lease it to New Balance. The company will eventually pay for the financing through its lease.

The BFA, a self-funding agency that uses no taxpayer dollars, entered similar deals with Sig Sauer and BAE Systems, which have created more than 1,000 jobs.

The details must be approved later this summer by the Executive Council.