HARTFORD, Vt. — The Vermont Economic Development Authority has approved $3.775 million in revenue bond financing to help The King Arthur Flour Company, Inc. move ahead on the second phase of a $4.011 million expansion plan.

Pending final approval of the bond financing, King Arthur Flour plans to build a 23,900-square-foot building to house the company’s food manufacturing operation, now located in leased space.

As part of the expansion, the space currently leased will continue to house the company’s warehouse and fulfillment center for King Arthur Flour’s catalog and Internet-based sales.

Founded in Boston in 1790, King Arthur Flour is America’s oldest flour company. King Arthur Flour employs 229 full-time employee owners, a number expected to grow to 274 within three years of the expansion project.