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Norfolk Airport outlines nearly $1 billion development plan, seeks TEFRA approval for bond financing
Summary
Norfolk International Airport told the City Council it will seek local approval under the TEFRA process for tax‑exempt private activity bonds to fund a package of projects — including a consolidated rental car facility and terminal work — with an overall development tally of about $998 million and a timeline targeting bond pricing in April.
Norfolk International Airport President and CEO Mark Perryman told the City Council during a Jan. 13 work session that the airport plans to use a TEFRA (Tax Equity and Fiscal Responsibility Act) public‑hearing process to secure local approval for tax‑exempt private activity bond financing.
Perryman said the airport is preparing three categories of financing: consolidated rental‑car facility (CFC)‑backed bonds, general aviation revenue bonds and a line of credit the authority is renewing. “We really are right at 1000000000 dollars. I just got the latest tally, $998,000,000 of development…
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