CHESAPEAKE -- Virginia Aviation Associates L.L.C., the new owners of Hampton Roads Executive Airport, has been awarded $4.7 million in government money to fund improvements that will equip the airport for corporate aircraft.

"We want to grow the airport to attract more people," said Steven I. Fox, one of two principal partners with Virginia Aviation Associates. "This airport, with a little TLC and the addition of a runway, will be their choice of airports in the Tidewater area."

Virginia Aviation Associates, which purchased the 230-acre airport from Gateway L.L.C. in May, plans to use $4.6 million to buy 388 acres of surrounding land, Fox said.

Fox said he hopes to build a longer, stronger runway to support larger aircraft. Some of the land, including a 108-acre tract on the east side of the airport, will serve as a safety buffer for the faster, heavier planes, he said.

The Federal Aviation Administration will pay 90 percent of the cost -- about $4.14 million -- and the Virginia Department of Aviation will contribute 8 percent or $368,000. Aviation Associates will supply the remaining $92,000.

The state aviation department also awarded the airport $136,000 toward the design of two hangars, and $52,000 total for a self-service fueling station, runway repair and various other projects.

The airport qualified for state and federal funding, despite its private ownership, because it serves as a "reliever" airport for Norfolk International Airport, absorbing traffic from smaller, slower craft, said Cliff Burnette, chief airport planner for the Virginia Department of Aviation.

Last year, Portsmouth ordered a feasibility study that explored the possibility of buying the airport or partnering with Virginia Aviation Associates.

Fox said Portsmouth officials decided against this option. Portsmouth officials did not return calls.

Hampton Roads Executive Airport is one of about 50 privately owned airports in the nation eligible for public funds, Burnette said. Twelve of Virginia's 73 licensed airports are privately owned.

By accepting the funds, Virginia Aviation Associates is committing to keeping the land an airport for at least 20 more years.

Fox hopes the new runway, which should be completed in 2003, will increase traffic, currently about 57,000 annual arrivals and departures, by 20 to 30 percent and boost the number of aircraft based at the airport from about 150 to 200.