The Framingham Board of Selectmen has tentatively approved a 20-year Tax Incentive Finance (TIF) agreement that would keep TJX corporate headquarters at 700 Cochituate Road in Framingham.

The TIF agreement calls for TJX to maintain 1,600 permanent jobs and create 225 new jobs over the next several years, according to a press release by Framingham Interim Town Manager Valerie Mulvey. In addition, $143 million of new investments will be made for on-site expansion, renovations to the existing buildings and acquisition costs.

TJX President Ernie Herman said in a statement that TJX believes the proposed tax deal "would benefit both the Town and our Company and [we] are optimistic that Framingham will remain the home of our world headquarters."

The Framingham financing deal follows approval in late March by Marlborough’s City Council of a similar tax-incentive financing agreement to offset TJX’s costs in purchasing two Fidelity Investments buildings at 300 and 400 Puritan Way in Marlborough.

TJX  has more than 11,000 employees in Massachusetts. The company said the two campuses will help it remain in the commonwealth.

Details of the tentative Framingham TIF agreement were not included in the release. The agreement needs approval at a May 22 Special Town Meeting.