Will the removal of the CUP (Conditional Use Permit) affect the 7:1 rule in place at Pegasus?
No the 7:1 rule is stated in the Homeowners CC&Rs document and is not part of the CUP with the Town of Queen Creek.
Will this change make the airport public? 
No the airport use limitations will not change. Pegasus will remain a private use airport as defined in the agreement with the Town and specified in our CC&Rs.
Will this change my house zoning?
No the zoning for the residential portion of Pegasus does not change. The residential portion remains R1-43 Planned Area Development (PAD) with 1 acre minimum lots.  The runway will change to be included into the existing PAD zoning. Only the runway portion of Pegasus is changed to remove the CUP so that it becomes permanent.