Norfolk’s draft budget includes one of the city’s largest projects in a generation.
The $2.6 billion Coastal Storm Resiliency Management project is slated to encompass almost 8 miles of floodwalls with various other storm management infrastructure. The work is expected to be completed over the next decade.
This year’s city budget estimates $93 million annually for the project. The total is $428.6 million by the end of fiscal year 2028.
Norfolk anticipates receiving $214.3 million in federal or state funds, $80 million in grants and financing the rest through $64 million in cash and just over $70 million sourced from bonds.
The exact amount sought from the state for the project is still being determined through conversations between state and city representatives.