Members of the South Suburban Airport Commission say the plan is more economical and flexible than competing blueprints.
The commission's design calls for construction of a 10,000 foot runway, five-gate terminal, surface parking, and entrance road by 2009.
The group's proposal faces competition from Will County and the state. The Illinois Department of Transportation expects to submit all the proposals to the Federal Aviation Administration for review later this summer.
Officials have talked for more than a decade about building a new airport near Peotone, about 40 miles south of downtown Chicago.