Located at Colo. 7 about three miles west of Interstate 25, the airport was purchased by the town from a private owner in 1992 and is operated by a private company.

About 230 planes, mainly single-engine, are based there. Several businesses also operate at or near the airport, including a flight school. The Spirit of Flight Center aviation museum also recently moved from Lafayette to a location next to the Erie airport.

The airport economic development study will include an assessment of the types of development the airport and surrounding area can support and possible ways to pay for the infrastructure that would be needed to open more of the property for development.

Trustee Colin Towner, who's a member of the town's economic development working group, said the airport and the surrounding 200 acres of industrial-zoned land represent an opportunity.

"We're trying to look ahead," he said. "We want to understand what's the right thing to support existing businesses and what new business opportunities would be appropriate. There's a lot of potential."

The study also is expected to evaluate the controversial possibility of removing a secondary "crosswind" runway -- a runway that could be used when the wind is blowing from an unusual direction. That runway has been closed for about 10 years, and the paved surface has fallen into disrepair.

Reopening the second runway would allow the airport to operate on the high-wind days that are common in the area. But it could cost millions to renovate it and bring it up to Federal Aviation Administration standards, according to a town study.