Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Williston to redeem final TIF bonds, paying $12.76 million
Summary
The Williston City Commission voted unanimously to redeem the city’s final tax increment financing bonds (Series 2017A and 2017B), authorizing Finance Director Hercules Cummings and the mayor to execute required documents; redemption is planned in mid-June and will return tax streams to schools and other jurisdictions.
The Williston Board of City Commissioners unanimously approved a plan to redeem the city’s remaining Tax Increment Financing (TIF) bonds, freeing up property tax revenues that have been directed to the TIF districts.
Finance Director Hercules Cummings told the commission that the city has accumulated sufficient cash to redeem Series 2017A and Series 2017B. “The funds for the redemption, totaling $12,760,000 plus accrued interest, will be sourced from the savings of the TIFs,” Cummings said. The city provided investors a 30‑day notice; the early notice date is June 1, 2025, with a planned redemption around June 16, 2025.
Commissioner Brad Bekkedahl moved to approve the redemption and authorize the mayor and finance director to sign all applicable documents; Commissioner Victoria Siemieniewski seconded the motion. The motion carried 5‑0, with Commissioners Tate Cymbaluk, Brad Bekkedahl, Victoria Siemieniewski, James Bervig and Mayor Howard Klug voting in favor.
Cummings said these are the last of the city’s TIFs and that, upon redemption, the tax increments previously captured by the TIF districts will return to school districts and other political subdivisions. The commission did not amend the motion to change the redemption timing; staff said they will proceed with the legal steps required to execute the bond redemption.
The vote ends the city’s outstanding TIF obligations tied to the 2017 issuances and shifts future incremental property tax revenue back to general taxing authorities.
