In 1998, the Commonwealth of Pennsylvania transferred ownership of the airport to the Susquehanna Area Regional Airport Authority (SARAA).
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The facility is named in honor of 1st Lieutenant Robert Stanford Olmsted, U.S. Army Air Service, on 11 March 1948, killed in a ballooning accident over the village Loosbroek, Netherlands on 23 September 1923, while competing in the Gordon Bennett Cup.
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