Project Information

Bid Title

Golden Triangle Development Fund Transit Revitalization Investment District Bond Underwriting Services

Issuing Agency

Urban Redevelopment Authority of Pittsburgh

Location

Pennsylvania

Published Date

May 26, 2026

Closing Date

Jun 4, 2026

Government Level

State & Local

Status

Closed

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Project Description

RFQGolden Triangle Development Fund Transit Revitalization Investment District Bond Underwriting Services

Issue Date

May 14, 2026

Due Date

June 4, 2026

The Urban Redevelopment Authority of Pittsburgh (URA) is seeking proposals for Bond Underwriting Services in connection with the URA’s proposed issuance of Bonds.

The URA is preparing for its inaugural issuance of debt under a new credit and new indenture structure. The URA anticipates needing approximately $50 million in TRID funding in one or more tranches. $50 million may be issued in the 4th quarter of 2026, or the $50 million may be split between the 4th quarter of 2026 and the second half of 2027.

Contact Information

Shantalaya Mathews

Senior Project Manager

P: 412-255-6620

smathews@ura.org

Resources & Addendums

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REQUEST FOR QUALIFICATIONS AND INDICATION OF INTEREST

Bond Underwriting Services

Urban Redevelopment Authority of Pittsburgh

Golden Triangle Development Fund Transit Revitalization Investment District (“TRID”)

May 14, 2026

Proposals are being sought by the Urban Redevelopment Authority of Pittsburgh (the

"URA") for Bond Underwriting Services in connection with the URA’s proposed issuance of

Bonds. The URA is preparing for its inaugural issuance of debt under a new credit and new

indenture structure. The URA anticipates needing approximately $50 million in TRID funding in

one or more tranches. $50 million may be issued in the 4th quarter of 2026, or the $50 million

may be split between the 4th quarter of 2026 and the second half of 2027.

The URA has engaged Clark Hill as Bond Counsel, Cozen O’Connor as Special Counsel,

and PFM Financial Advisors LLC as Municipal Advisor.

Included as a reference for this Request for Qualifications is a “Downtown TRID

Implementation Plan” that outlines additional information regarding the TRID. Please see

Exhibit A for TRID information.

RESPONSE

Your response must contain the following information in the following format:

1. General Description of Firm. Briefly describe your firm. Please provide

brief resumes and experience for the bankers who will be assigned to this engagement. Please

note the team lead and their contact information.

2. Pennsylvania Experience. Please provide a list of public finance

transactions in Pennsylvania handled by your firm as Underwriter since January 1, 2024.

3. Economic Development Financing Experience. Please provide a list of

economic development public finance transactions in Pennsylvania that your firm has

participated in over the past 5 years. Please provide 1 detailed case study of an economic

development financing that the team lead has worked on.

4. Tax-Exempt Bonds. A tax-exempt portion of bonds will be sold in this

transaction that would be guaranteed debt of the City of Pittsburgh. Please comment on your

firm’s experience selling and marketing guaranty bonds.

5. Taxable Bonds. A taxable portion of bonds will be sold in this

transaction that would be appropriation debt of the City of Pittsburgh. Please comment on your

firm’s experience selling and marketing appropriation bonds, including examples of similar

financings that have included a mix of taxable and tax-exempt bonds.

6. Problem Solving Ability. Please provide an example of a time where you

worked collaboratively with a client to solve a problem.

7. References. Please provide the names of at least three individuals who

are in a position to speak knowledgeably as to the quality of your work as Underwriter.

8. Conflicts of Interest. Please note and describe any potential conflicts of

interest your firm might have, or which might arise, due to your involvement with the URA.

9. Fees. Please provide a range for your proposed underwriter’s discount.

10. Additional Information. Please provide any additional information you

consider relevant to the selection process such as relevant transactions from other states, any

time constraints on your firm's ability to handle the URA’s work, or any anticipated

extraordinary expenses.

PROPOSAL SUBMISSION

Please limit your proposal to 12 pages (plus appendices if needed).

Please email a copy of your firm's proposal to:

-Thomas Link, Chief Development Officer, (tlink@ura.org)

-Shantalaya Mathews, Senior Project Manager, (smathews@ura.org)

-Scott Shearer, Managing Director, PFM (shearers@pfm.com)

-Karli Keisling, Senior Managing Consultant, PFM (keislingk@pfm.com)

Should you have any questions, please contact Mr. Link, Mr. Shearer or Ms. Keisling. Direct

contact with Board Members to discuss this matter is prohibited.

Proposals are due no later than 12:00 pm on June 4, 2026.

In addition to an email submission to the above listed contacts, interested bidders must also

register on the URA’s bidding platform Ion Wave Technology (IWT) and submit their

proposal. Please see registration details and instructions in the attached Exhibit B.

The URA will be holding in-person interviews as a follow-up to the RFP with some or all of

the bidders. If selected for an interview, it will be held on June 9, 2026. Additional information

will be provided after the RFP submission date.

After review of the proposals and the interview process, the URA will select the firm

or firms having the proposal which best meets the needs of the URA, at the sole discretion of

the URA. This Request for Proposals is not intended to create a public competitive bidding

process, and the proposal with the lowest quoted fees will not necessarily be accepted, nor will

any reason for the rejection of any proposal be indicated. The URA reserves the right to

privately negotiate with any firm with respect to the provision of services.

-2-

EXHIBIT A

Urban Redevelopment Authority of Pittsburgh

Golden Triangle Reinvestment Fund

Downtown Pittsburgh Transit Revitalization Investment District

Implementation Plan

Outline

Downtown Transit Revitalization Investment District (TRID) Plan

-3-

Urban Redevelopment Authority of Pittsburgh

Golden Triangle Reinvestment Fund

Downtown Pittsburgh Transit Revitalization Investment District

Implementation Plan

April 29, 2026

Outline

Downtown Transit Revitalization Investment District (TRID) Plan

1. All taxable real estate parcels within the Golden Triangle Reinvestment Fund / Downtown Pittsburgh

TRID Value Capture Area are eligible to be pledged for TRID financing and may contribute their

incremental tax revenues to support eligible TRID improvements including for use in financing

bonds, the proceeds of which are used for eligible projects under the Transit Revitilization

Investment District Act (the “TRID Act”). While all tax parcels in the TRID boundary will be eligible to

be pledged, the TRID will only capture incremental tax revenue from “Qualifying Development

Projects.”#1 The designation of properties within the TRID Value Capture Area as parcels for

purposes of Section 702 of the TRID Act shall take place and be effective from the subsequent date

by which: (i) a new County property assessment is made of the applicable property and (ii) the

project developed at such property meets or exceeds the construction value threshold for a

#1 A Qualifying Development Project will be either an identified project listed to support the initial borrowing, Tranche 1, or

potential future development projects which exceed a minimum threshold of $5,000,000 in construction value. Construction cost

estimates are based on building permit applications and records obtained from the City of Pittsburgh Department of Permits,

Licenses, and Inspections (PLI), which were reviewed to confirm projects meeting or exceeding the $5,000,000 threshold.

#2 Prepared with the participation of the City of Pittsburgh, Allegheny County, Pittsburgh Regional Transit, and Pittsburgh Public

Schools pursuant to the TRID Act

Page 1 of 13

Qualifying Development Project. This Implementation Plan establishes the framework for the

Downtown Pittsburgh TRID.#2

Total 2029 Projected Assessed Value of Parcels Eligible to be Pledged

$958,166,000

• Total projected assessed value of Tranche 1 Borrowing Qualifying Development Projects

o $280,905,000

Project

21 West/ W General Robinson St

The Mercer 50 26th St

Station 28/ 27th Street – 28th Street

The Stanza/ 2926 Smallman Street

Brickworks Apartment/ 2121 Smallman Street

Brickworks Townhomes / 2121 Smallman Street

The Maxx & The Alex /2929 Smallman Street

One 21st Street

Total

Parcel (s)

8-G-82

25-J-150

25-K-6

25-G-39

24-S-202/205

24-S-200 / 207 / 209/ 211

25-F-110 / 184

24-S-50 / 68 / 70

Projected Assessed Value

$

42,195,000

$

28,855,000

$

35,090,000

$

12,180,000

$

37,700,000

$

24,400,000

$

33,930,000

$

66,555,000

$

280,905,000

• Total projected assessed value of identified project pipeline

o $508,761,000

Project

Parcel (s)

Sauer Building Residential Conversion/ 804 Penn 9-N-78

Avenue

642 Fort Duquesne Boulevard Adaptive Reuse 8-S-78

(Easter Seals)

Penn 23 /2330 Penn Avenue

25-N-270 / 274

2926 Smallman Street

25-G-39

Crucible Lofts / 3150 Smallman Street

25-G-40

3 Crossings Phase 2: Residential buildings A & I /

27th – 29th Street

The Pittsburgher / 428 Forbes Avenue

31st Street Studios / 77 31st Street

25-F-296 / 46 / 287 / 285 / 295

2-E-152

25-C-40

Three Gateway Center/ 401 Liberty Avenue

1-C-167-0-1

Pittsburgh Allegheny County Thermal Building /

120 Cecil Place

First & Market/ 100 First Avenue

8-R-1 / 8-R-7-0-1

1-G-217

Gulf Tower (Apartments)/ 707 Grant Street

2-B-13

The Porter /601 Grant

2-A-308

Smith & Fifth/ 441 Smithfield Street

2-E-12 / -1 / -2

Post-Gazette Building Redevelopment/ 12-34

Boulevard of the Allies

Gulf Tower (Hotel)/ 707 Grant Street

1-G-151

2-B-13

100 Ross Street (Affordable)

2-J-244

Projected Assessed Value

$

1,740,000

$

19,865,000

$

8,925,000

$

12,905,000

$

38,425,000

$

43,500,000

$

18,125,000

$

108,750,000

$

43,500,000

$

2,765,000

$

3,255,000

$

33,640,000

$

21,750,000

$

23,925,000

$

36,105,000

$

12,126,000

$

1,610,000

Page 2 of 13

Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services

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