Golden Triangle Development Fund Transit Revitalization Investment District Bond Underwriting Services
| Location: | Pennsylvania |
|---|---|
| Posted: | May 26, 2026 |
| Due: | Jun 4, 2026 |
| Agency: | Urban Redevelopment Authority of Pittsburgh |
| Type of Government: | State & Local |
| Category: |
|
| Publication URL: | To access bid details, please log in. |
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
Resources & Addendums
Attachment Preview
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
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