The St. Louis Board of Estimate and Apportionment approved an agreement Monday that could provide up to $4 million for Build-A-Bear Workshop to move its headquarters and about 200 jobs to downtown St. Louis from Overland.

Under the agreement, which would require final approval from the St. Louis Board of Aldermen, up to half of the city earnings and payroll taxes from employees of Build-A-Bear would be set aside to fund improvements to the building the company is eyeing at 415 South 18th Street, with the incentive capped at $4 million. The company would need a workforce of at least 171 people receiving an average salary of $85,000 to qualify for the full incentive.

Vacant since the Missouri Foundation for Health moved its headquarters to the Grove area, the building is next to Union Station, which is being redeveloped into an aquarium and other entertainment amenities. Build-A-Bear said last month that the area’s development as a tourist and entertainment area was a strategic fit with its business. It is currently in a suburban office park, and the company has said a new downtown office would include a retail store and “other experiential offerings.”