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The city of Haverhill’s goal of attracting additional industrial development near Interstate 495 could pay off with a 135,000-square-foot facility for a Tennessee food manufacturer.

Mayor James Fiorentini is proposing a tax increment financing agreement with Boston-based developer Paradigm Properties for construction of a new manufacturing facility for Monogram Foods employing 354 people. The development would be built at 25 Computer Drive in Broadway Commercial Park.

Monogram manufactures Brookfield Farms food products and the Wild Bill’s beef jerky brand as well as licensed products for Johnsonville and Butterball. The company would lease the property from Paradigm, which owns the business park, Haverhill mayor’s office spokesman Shawn Regan said.

The potential job growth comes as Haverhill faces the possible loss of one of its largest employers and another Computer Drive occupant, apparel manufacturer Brooks Brothers. The company has announced it plans to shutter its three U.S. factories, eliminating 413 jobs at its Haverhill location, unless a buyer is found by July.

Under terms of the 10-year tax agreement with Monogram Foods, the owner would pay 30 percent of property taxes for the first four years, escalating by 10 percent annually, up to an annual payment of $156,000 annually when the agreement expires. The agreement is under review by the Haverhill city council.

Monogram also is seeking approvals under the state Economic Development Incentive Program, which will be reviewed on June 18 by the Economic Assistance Coordinating Council.

Haverhill officials have sought to encourage more industrial development tapping into its location near Route 495 and distribution routes for manufacturing and e-commerce centers.

In January, the planning board approved an updated master plan that includes provisions designed to attract more commercial development, including rezoning of vacant parcels south of Computer Drive for higher building heights and more flexible mixes of use.