Norfolk International Airport

The board meeting agenda included reports from the CEO, staff, and the Chair, as well as committee updates from the Finance & Audit and Nominating & Strategy committees. Key business items addressed included the approval of the FY27 budget, an election of FY27 officers, and a resolution regarding the Virginia State Non-Arbitrage Program.

The Board of Commissioners received updates on various airport operations, including the strategic plan, financial performance, and capital projects such as terminal expansions, baggage make-up improvements, and the upcoming deicing facility. Discussion topics included the review of the preliminary FY27 operating budget, capital expenditures, and airline rates and charges. The board acted on new business items, including a budget amendment for the deicing pad project and the authorization of a revolving line of credit with TowneBank.

The board conducted a TEFRA public hearing regarding bond financing for airport projects, which was followed by the adoption of a resolution confirming the hearing. Additionally, the board authorized a modified schedule for the preliminary budget submittal and approved the negotiation and execution of a line of credit with TowneBank. An update was provided regarding the Hampton Roads Transatlantic Air Service Coalition. The board also convened a closed meeting to consult on legal matters concerning a PILOT agreement with the City of Norfolk.

The board meeting primarily focused on a public hearing regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) requirements for the authority's proposed issuance of tax-exempt private activity bonds. Key discussions included an overview of the authority's capital program, which outlines approximately $1 billion in capital improvements for the next several years, and the specific tax treatments of various bond categories. The board also addressed old business items, including the authorization of a modified preliminary budget schedule and a line of credit with TowneBank, as well as an update on the Hampton Roads Transatlantic Air Service Coalition. A closed meeting was held, followed by an adjournment.

This document outlines the foundational strategic direction for Norfolk International Airport. The mission is to connect the community globally through the safe, reliable, and efficient operation of the airport. The vision aims to strengthen and grow the region by establishing the airport as an industry leader, recognized for its professionalism and excellence.