COLUMBIA — A bill to provide Boeing Co. $120 million in exchange for a major expansion of its North Charleston 787 campus was introduced this afternoon in the state Senate.

The upper chamber’s Finance Committee will take up the legislation later today, said committee Chairman Hugh Leatherman, R-Florence, who introduced the bill today.

“We’re so happy to have you here. You are a world class company,” he said on the Senate floor.

Leatherman said South Carolina “could very well become the aerospace hub” when more suppliers come to South Carolina following the planned expansion.

House Speaker Bobby Harrell, a Charleston Republican, is expected to introduce the same bill in the House.

Boeing confirmed the expansion this morning, saying it will invest another $1 billion and add at least 2,000 jobs in North Charleston by 2020.

The company already has about 6,000 workers at its existing 787 facility there.

The $120 million for the company will be used to offset some of Boeing’s upfront expansion costs, such as site preparation work, road improvements and utility expenses, Leatherman and Harrell said Monday. The money would be raised by selling state-backed bonds, according to the pair.

Read more in upcoming editions of The Post and Courier. Reach Stephen Largen at 864-641-8172 and follow him on Twitter @stephenlargen.