Last year, ISU announced the creation of a flight academy that they will manage at the airport.
The airport gave an update on the project at their board meeting Wednesday night.
Officials say they're close to awarding a contract for renovations on the facility to begin.
The airport's executive director, Bill McKown, also says they're already seeing the benefits of working with ISU.
In fact, it helped the airport get approval to fix a runway that needs repairs.
"We took that analysis with us to the state of Indiana and our FAA counterparts and said, 'we really need this runway. It's a perfect runway for flight students to train on'," says McKown.
The airport then got the approval they needed.
"The project got the OK to move forward. It was literally on the chopping block for awhile," says McKown.
Officials hope to have the facility complete by the first week of August.