Durham Tees Valley Airport is applying for £5.9 million from the Government's Regional Growth Fund (RGF) towards plans it says would generate 1500 new jobs.
The 'Southside' project involves developing 150 acres of land to the south of the runway and will take around ten years to complete. Money from the RGF would be used towards the highways and services infrastructure.
Last month the sites new owners, Peel Investments, started a new marketing campaign to promote the airport, which has seen passenger numbers fall by more than two thirds in recent years as the choices of routes and airlines have declined.
The company director is confident about the companies future.