Peter Rouleau mentioned this as a possiblity and Art Patton created this image of the airport with a modified runway using Google Earth.

Waterville Airport with drawing of an alternate runway leaving room for an expansion north by the Michelin tire plant.

The attached photo is my playing with Google Earth. IF Michelin were to expand only the main building 250 feet north then at the eastern end of that building moving the center line of the runway 250 ft. north would result in the longest red line shown. the next lines out in each direction represent the runway strip and the next lines out each side are where up to 30 ft. high trees/buildings, whatever would not enter the 20% slope transition zone. It would take some work, fill etc. but could be done cheaper than building a new airport. All hangars etc could remain and only minor taxiway adjustments would be needed. Again this is very rough but suggests a possibility.

Art Patton