About
Learn about City of Norfolk including our ESG Considerations, News & Press Releases, Projects, and Team.
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Have questions? Reach out to us directly.
Learn about City of Norfolk including our ESG Considerations, News & Press Releases, Projects, and Team.
About City of Norfolk
- Population
- 238,112
- GO Bonds Rating
- Aa2/AAA/AA+
- Go Bonds Outstanding (as of June 30, 2024)
- $1.18 Billion
Norfolk is centrally located in the Hampton Roads region of Virginia. A thriving city, Norfolk serves as the regional center for employment, healthcare, arts and culture, higher education, and professional sports.
Norfolk has exceptional connectivity and assets. Norfolk is well-connected by air (hosting the Norfolk International Airport), by water (home to the Virginia Port Authority), by rail (e.g., Norfolk Southern, CSX, Amtrak, light rail), and by land (with access to major interstate routes). Norfolk also hosts the largest Naval base in the world.
Norfolk’s is the regional employment hub, hosting over 200,000 jobs across diverse sectors. Norfolk has unique assets that drive visitation from the region and beyond. These assets range from the exceptional glass art collections to opera and broadway shows to year-round cruise opportunities to military history attractions and more.
ESG Considerations
News
NORFOLK, Va. – The City of Norfolk will begin a major rehabilitation project on the Shore Dr. Bridge over Little Creek. Construction is scheduled to start on Nov. 25 and is expected to be complete by May 2025.
This project will address key structural updates and ensure long-term durability for one of the City’s vital transportation routes. The scope of work includes repairing concrete spalls and delamination in the bridge superstructure, installing an epoxy deck overlay, applying waterproof sealant to concrete elements, and new lane striping and pavement markings.
Construction and traffic Impacts:
- Construction will occur on weekdays from 7 a.m. to 5 p.m. with occasional weekend work as needed.
- Single-lane and alternating lane closures for the project’s duration with a maximum open lane width of 11 feet.
Motorists are advised to plan for potential delays. Electronic message boards will be in place before and throughout the project.
The City of Norfolk is committed to minimizing this project’s impact on daily commutes while ensuring the bridge rehabilitation is completed efficiently and safely.
NORFOLK, Va. – On Tuesday, Nov. 19, the City of Norfolk successfully sold $60 million in Water Revenue Refunding Bonds, refinancing existing Water Revenue Bonds and achieving approximately $16.9 million in total savings over the life of the bonds, underscoring the City’s commitment to fiscal responsibility and stewardship of public funds.
The bonds were sold at a competitive true interest cost of 3.83% and included both a current refunding and a forward delivery refunding, ensuring continued cost savings and providing the capacity for further investment in the City’s water infrastructure. Combined, this transaction reduced the City’s debt service payments by $16.9 million over the life of the bonds.
In October 2024, ahead of the bond sale, Norfolk’s Water Revenue Bonds received an upgraded credit rating of ‘AAA’ from Fitch Ratings. This reflects the City’s strong financial profile and effective fiscal management. The upgrade increased the market appeal of the bonds, benefiting both the City and its investors.
Projects
Team
Talk to us
Have questions? Reach out to us directly.