Well, your biggest issue is going to be getting quality transcriptions from the existing media to digital format. That's a whole nother topic.
There are indeed major considerations for storing important information that is mission-critical and can't be lost. The first one is - have more than one copy of everything. Keep backups. Keep backups at another location in case there's a flood in your office. Then, if the drives are going to be powered-up and online 24 hours a day, 7 days a week, you may want to buy enterprise-grade hard drives.
Finally, about "storage equipment." If the station is willing to cover the expense, it's always a good idea, in my opinion, to buy a storage device that supports RAID mode, probably RAID 1 (simpler) or 5 (fewer "wasted" drives). A RAID box with, say, five drives, will be able to store four drives worth of information but will keep on working if one drive dies. This gives you better uptime, but is NOT a substitute for separate copies.
How much video are you speaking about? If we're talking 10 terabytes of data it's one thing. If you've got a thousand terabytes worth, you are going to be buying very specific storage appliances.