The Federal Aviation Administration has approved the sale of 267 acres at Charleston International Airport for Boeing’s future expansion plans, a company spokeswoman said today.

Also, the state of South Carolina sold $85 million in bonds this week as part of the $120 million in financial assistance it has committed to the company.

The aerospace giant, in turn, has promised to invest another $1 billion and create 2,000 jobs in South Carolina by 2020.

The proceeds from this week’s debt sale will go toward buying the property and preparing the site for development, according to Charleston airports director Paul Campbell

The company hasn’t specified what it plans to do with the land near its 787 campus in North Charleston.

Boeing South Carolina spokeswoman Candy Eslinger said she was told today about the FAA’s approval. The $13.8 million sale is expected to close in December.