Norfolk Airport Secures $400M in Bonds for Expansion

City Council approves financing plan to fund major capital projects at Norfolk International Airport.

Published on Feb. 25, 2026

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The Norfolk City Council has unanimously approved a $400 million financing plan for Norfolk International Airport, allowing the airport to fund several planned capital improvement projects totaling around $1 billion. The plan, which does not use city money or borrowing power, will help the airport finance a new international arrivals terminal, a three-gate expansion of Concourse A, and modernization and expansion of the departures terminal, among other projects.

Why it matters

The airport expansion and upgrades are crucial for Norfolk International Airport to keep pace with growing passenger demand. In 2025, the airport saw a record-breaking 4.9 million passengers, prompting the need for these major capital investments to improve the passenger experience and accommodate future growth.

The details

The financing plan includes a mix of tax-exempt government use bonds, private activity bonds, and taxable bonds. The airport authority, which is funded through airport revenue and does not use local tax dollars, needed city approval for the process due to IRS regulations. The airport authority also held a public hearing on the financial plan during its February 4th board meeting.

  • The airport authority has logged $998 million in development work that will stretch through the next three years.
  • The city council unanimously approved the $400 million financing plan on February 25, 2026.

The players

Norfolk International Airport

A major airport serving the Norfolk, Virginia metropolitan area, handling nearly 5 million passengers in 2025.

Norfolk City Council

The governing body of the City of Norfolk, Virginia that unanimously approved the $400 million financing plan for the airport.

Mark Perryman

The President and CEO of the Norfolk Airport Authority, who presented the financing plan to the city council.

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What they’re saying

“We need to raise some capital.”

— Mark Perryman, President and CEO, Norfolk Airport Authority (pilotonline.com)

What’s next

The airport authority will now move forward with executing the $400 million financing plan to fund the various capital improvement projects at Norfolk International Airport.

The takeaway

The Norfolk City Council's approval of the $400 million financing plan demonstrates the city's commitment to investing in critical infrastructure and supporting the growth of its major airport. This will allow Norfolk International Airport to modernize and expand its facilities to meet rising passenger demand and cement its role as a key transportation hub in the region.