Golden Triangle Development Fund Transit Revitalization Investment District Bond Underwriting Services Request for Qualifications

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
$280,905,000
o
Project Parcel (s) Projected Assessed Value
21 West/ W General Robinson St 8-G-82 $ 42,195,000
The Mercer 50 26th St 25-J-150 $ 28,855,000
Station 28/ 27th Street - 28th Street 25-K-6 $ 35,090,000
The Stanza/ 2926 Smallman Street 25-G-39 $ 12,180,000
Brickworks Apartment/ 2121 Smallman Street 24-S-202/205
$ 37,700,000
Brickworks Townhomes / 2121 Smallman Street 24-S-200 / 207 / 209/ 211 $ 24,400,000
The Maxx & The Alex /2929 Smallman Street 25-F-110 / 184 $ 33,930,000
One 21st Street 24-S-50 / 68 / 70 $ 66,555,000
Total $ 280,905,000
* Total projected assessed value of identified project pipeline
$508,761,000
o
Project Parcel (s) Projected Assessed Value
Sauer Building Residential Conversion/ 804 Penn 9-N-78
Avenue $ 1,740,000
642 Fort Duquesne Boulevard Adaptive Reuse 8-S-78
(Easter Seals) $ 19,865,000
Penn 23 /2330 Penn Avenue 25-N-270 / 274 $ 8,925,000
2926 Smallman Street 25-G-39 $ 12,905,000
Crucible Lofts / 3150 Smallman Street 25-G-40 $ 38,425,000
3 Crossings Phase 2: Residential buildings A & I / 25-F-296 / 46 / 287 / 285 / 295
27th - 29th Street $ 43,500,000
The Pittsburgher / 428 Forbes Avenue 2-E-152 $ 18,125,000
31st Street Studios / 77 31st Street 25-C-40 $ 108,750,000
Three Gateway Center/ 401 Liberty Avenue 1-C-167-0-1 $ 43,500,000
Pittsburgh Allegheny County Thermal Building / 8-R-1 / 8-R-7-0-1
120 Cecil Place $ 2,765,000
First & Market/ 100 First Avenue 1-G-217 $ 3,255,000
Gulf Tower (Apartments)/ 707 Grant Street 2-B-13 $ 33,640,000
The Porter /601 Grant 2-A-308 $ 21,750,000
Smith & Fifth/ 441 Smithfield Street 2-E-12 / -1 / -2 $ 23,925,000
Post-Gazette Building Redevelopment/ 12-34 1-G-151
Boulevard of the Allies $ 36,105,000
Gulf Tower (Hotel)/ 707 Grant Street 2-B-13 $ 12,126,000
100 Ross Street (Affordable) 2-J-244 $ 1,610,000
Page 2 of 13

W Lofts / 26th & Smallman 25-N-104 $ 16,575,000
31st & Liberty 25-C-256 / 25-G-267 / 171 /
173 / 175 $ 34,075,000
1700 Penn Ave 9-H-52 / 59 $ 27,200,000
Total $ 508,761,000
* Projected assessed value of potential future development
$168,500,000
o
Project Parcel (s) Projected Assessed Value
Multifamily Residential N/A $ 145,000,000
Hotel N/A $ 23,500,000
Total $ 168,500,000
2. Current assessed value of proposed Tranche 1 Qualifying Development Projects in the proposed
TRID
a. Total base value of Tranche 1 Borrowing Qualifying Development Projects
i. $14,630,000
3. Future Pledged Parcels
a. Total base value of proposed project pipeline
i. $69,200,000
b. Total base value of potential future development
i. $20,850,000
ii. This number does not relate to any specific parcels and is estimated based on the
per-unit base assessment of the other projects.
c. $104,680,000 represents the current assessed value of the initial pledged parcel list included
in the Tranche 1 financial modeling scenario; however, all parcels in the TRID boundary will
be eligible to be pledged to the TRID and may be pledged in the future and designated,
consistent with the ordinance establishing the TRID, for purposes of Section 702 of the TRID
Act for 20 years from such future date if the parcel exceeds a minimum threshold of
$5,000,000 in construction value and has been reassessed.
4. TRID Borrowing(s) could be in multiple tranches of approximately $50,000,000 per borrowing in a
combination of taxable and tax-exempt issuances.
5. Estimated potential Net Proceeds of Tranche 1 TRID Borrowing $50,000,000
6. Proposed uses of Tranche 1 TRID Borrowing Proceeds
Source Amount Borrowing Entity
Borrowing - Taxable $40,000,000 URA
Borrowing- Tax Exempt $10,000,000 URA
Total $50,000,000
Use Amount Implementing entity
Downtown Real Estate $40,000,000 URA
Investment Program
Page 3 of 13

Public Infrastructure/Public $10,000,000 City of Pittsburgh and/or
Transit, Transportation and other relevant public
Mobility Projects entities such as Pittsburgh
Regional Transit
Total $50,000,000
Estimated costs of the bond issuance are not included in the Sources and Uses table; such costs will be
funded from bond proceeds upon finalization of the financing structure.
a. Downtown Real Estate Investment Program (administered by the URA)
i. Representative Projects could include, but are not limited to:
1. 441 Smithfield Street
2. The Gulf Tower
3. 601 Grant Street
4. 642 Fort Duquesne Boulevard
5. 3 Gateway Center
6. Post-Gazette Building
7. Strategic Site Assemblages
8. Central Business District Improvement Projects
a. Store front improvements
b. Facade Improvements
b. Public Infrastructure (administered by the City of Pittsburgh and/or other relevant public
entities such as Pittsburgh Regional Transit)
ii. Potential Public Infrastructure projects and/or Public Transit, Transportation
and Mobility Projects:
1. Public Transit, Transportation and Mobility Projects
2. Roadway and/or Streetscape Improvements
a. Boulevard of the Allies Improvements
b. Smithfield Street Reconstruction
c. Sixth Street Reconstruction
3. Public Space Improvements
a. Seventh St. Sidewalk Extension
b. Cherry Way Pedestrian Underpasses - Artistic Lighting
c. Strawberry Way - Artistic Resurfacing & Addition of Overhead
Lighting Installation
7. Estimated Total Development Costs of the Real Estate projects to be supported by TRID proceeds:
$400,000,000, representing approximately a 10:1 leverage ratio of private and other non-TRID
investment to TRID funding.
8. Estimated Total Cost of Public Infrastructure and/or Public Transit, Transportation and Mobility
Projects to be partially funded with TRID proceeds:
Total Minimum $ 10,000,000
9. Proposed Term of the TRID District 40 years
a. Individual financing tranches will not exceed 20 years respectively within the term of the
TRID. Individual projects constituting a Qualifying Development Project by meeting the
Page 4 of 13

minimum construction value threshold will only contribute the incremental tax revenue
generated by their property to the TRID for 20 years from the time they are reassessed. At
such time, each related parcel shall be treated as designated for the TRID in accordance with
the ordinance establishing the TRID and consistent with Section 702 of the TRID Act.
10. Proposed Distribution of Incremental Real Estate Tax Revenue
a. 75% distributed and dedicated to the TRID to support TRID implementation including to pay
annual debt service and other costs of bond issuances and contribution to a redevelopment
fund
b. 25% distributed pro rata to the respective taxing bodies (Allegheny County, Pittsburgh
Public Schools, City of Pittsburgh) and dedicated for general governmental purposes
c. Annual Debt Service is estimated to be $4,970,000
11. Current Annual 2025 Real Estate Tax Revenue of proposed Qualifying Development Projects in the
TRID boundary
a. City of Pittsburgh's Current Annual Real Estate Tax Revenue of proposed Qualifying
Development Projects in the TRID boundary
a. $1,012,404
b. Pittsburgh Public Schools' Current Annual Real Estate Tax Revenue of proposed
Qualifying Development Projects in the TRID boundary
a. $1,073,128
c. Allegheny County's Current Annual Real Estate Tax Revenue of proposed Qualifying
Development Projects in the TRID boundary
a. $673,191
d. Qualifying Development Projects Taxable Real Property in the TRID boundary
a. $2,758,724
12. Projected 2029 Annual Real Estate Tax Revenue of proposed Qualifying Development Projects in the
TRID boundary:
Taxing Body Base Tax Increment Total
City of Pittsburgh
(9.67 mills) $1,012,404 $8,253,061 $9,265,465
Pittsburgh Public Schools
(10.25 mills) $1,073,128 $8,924,742 $9,997,870
Allegheny County
(6.43 mills) $673,191 $5,487,816 $6,161,007
Total Taxes (100%) $2,758,724 $22,665,619 $25,424,343
13. Projected incremental Annual Real Tax Revenue amounts of proposed Qualifying Development
Projects to the TRID (75%) and to the Taxing bodies (25%) based on current millage rates:
Taxing Body 75% of Tax Increment 25% of Tax Increment Total
City of Pittsburgh $6,189,795 $2,063,265 $8,253,061
Pittsburgh Public $6,693,556 $2,231,185
Schools $8,924,742
Page 5 of 13

Allegheny County $4,115,862 $1,371,954
$5,487,816
Total $16,999,214 $5,666,404 $22,665,619
Incremental revenues will be deposited into a Tax Increment Fund for the benefit of the Economic
Development Fund. The Economic Development Fund may utilize up to ten percent (10%) of captured
tax revenues which may be used to establish and administer programs supporting economic
development and real estate investment, including URA staffing and administrative costs.
14. Estimated total potential Net Proceeds of TRID Borrowing(s) Up to $200,000,000
a. Based on underwriting assumptions applied to the potential development pipeline, the
projected incremental assessed value within the TRID District is expected to support an
initial borrowing of approximately $50,000,000 and may generate sufficient revenues to
support up to $200,000,000 in total borrowings over the life of the TRID.
b. The initial TRID Borrowing is anticipated to be supported by a guarantee from the City of
Pittsburgh for the tax-exempt portion of the TRID Borrowing, and an agreement by the City
of Pittsburgh to pay debt service on the taxable portion of the TRID Borrowing, subject to
annual appropriation by City Council, in the event TRID revenues are insufficient to pay such
debt service.
15. Proposed TRID District Creation Date June 2026
Page 6 of 13

Proposed Downtown TRID
and Related City Bond Legislative Schedule
(subject to change)
URA
Authorization to Engage 3TB and Professional Services January 15, 2026
Notice of Intent to Issue TRID Bonds February 12, 2026
Authorization to adopt Downtown TRID
Implementation Plan April 9, 2026
Authorization to enter into a Cooperation Agreement April 9, 2026
Authorization to issue Urban Redevelopment Authority
of Pittsburgh Revenue Bonds, amount TBD August 10, 2026
Authorization to enter into a cooperation agreement
with the City of Pittsburgh [City guarantee] August 10, 2026
Allegheny County
Pre-Meeting February 26, 2026
First Reading June 2, 2026
Economic Dev. Committee #1 June 9, 2026
Second Reading June 23, 2026
Pittsburgh Public Schools
Pre-Meeting March 23, 20206
Business and Finance Committee June 8, 2026
Agenda Review June 10, 2026
Public Hearing June 23, 2026
Legislative Session June 24, 2026
City of Pittsburgh
Pre-Meeting April 27, 2026
Introduce Legislation May 5, 2026
Committee Discussion #1 May 6, 2026
Public Hearing May 19, 2026
Committee Discussion #2 May 20, 2026
Final Vote June 2, 2026
Send Bond Issuance and Guarantee Legislation September 1, 2026
Pittsburgh Regional Transit
Board Committee Meeting May 22, 2026
Board Meeting June 26, 2026
Cooperation Agreement
Circulated to 3TBs & PRT July 2026
Signed by all August 2026
DRAFT April 7, 2026
Page 7 of 13