As of September 1, 2012, these are the approximate revised property lines in Blue Ash:
Red marks the triangle that Cincinnati just sold to Blue Ash and will become the Blue Ash Airport Park. Meanwhile, the strip in blue, including the runway, is still owned by the City of Cincinnati. It is valued at about $20-25 million and there has been no public discussion of its fate.
Originally, the airport's hangars and fueling facilities were to have been relocated into the wooded strip at center-right. I didn't follow the sequence of events closely so I'm not sure if Cincinnati never applied or was not granted permission by the FAA to do this. Either way it's not happening, so this strip of land is either going to become even more of the Blue Ash Airport Park or it will be sold off to private developers.
So in the next 5-10 years another $20 million is coming to Cincinnati's capital improvement fund, and no doubt we'll have another round of cage rattling courtesy Chris Finney. Oh, and considering how confused the media was by what just took place in August, count on another round of misinformation.