The expansion includes a longer runway, which will accommodate heavier and larger corporate jets.
Montgomery County's aviation director Scott Smith says an additional multimillion dollar investment by a private company, Galaxy Fixed Based Operators, further enhances the airport's attractiveness to companies relocating or doing business in the county.
The airport already handles roughly 200 take offs and landings every day, a number that research suggests could double in the next 20 years.
Montgomery County commissioner Mike Meador says the airport is the county's sharpest tool in its economic development toolbox.
The expansion should be complete and fully operational by March 2015
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