1-Power District PID 1 Financial Municipal Advisor RFP.docx

Power District Public Infrastructure District #1

Financial Municipal Advisor Request for Proposals

Posted: 10/22/2026

Deadline for Questions: 11/6/2026 at 5:00 PM MST

All questions must be submitted through Bonfire during the question and answer period.

Proposal Due Date: 11/20/2026 at 5:00 PM MST

If Needed, Anticipated Interview Presentation: 11/30/2026- 12/3/2026

Proposal Submission:

Proposals must be submitted electronically through Bonfire by the Proposal Due Date above.

Table of Contents

Background/Purpose Statement Power District Public Infrastructure District No. 1 (Power District PID 1 or the "District") is an independent political subdivision created pursuant to the Utah Public Infrastructure District Act (Utah Code § 17D-4). The District was formed to finance and construct critical public infrastructure and community facilities within the Power District development area.

Power District PID 1 is issuing this Request for Proposals (RFP) to engage a qualified Financial Municipal Advisor firm. The primary focus of this engagement is to structure, advise on, and execute the issuance of municipal bonds to fund the capital development for two projects:

· Animal/Event Barns: Financed primarily through tax increment revenues generated from development within the Fairpark area.

· Multi-Level Parking Garage: Financed primarily through sales tax revenues pledged by the Utah Fairpark Area Investment and Restoration District.

The selected Municipal Advisor will be responsible for evaluating, modeling, and structuring debt backed by these distinct revenue streams, including navigating inter-entity pledge agreements and credit considerations.

Communications and Question Answer Period

Offerors are prohibited from contacting District Board members, evaluation committee members, or associated personnel regarding this RFP, EXCEPT the designated Procurement Officer.

The Question and Answer period closes on the date and time specified above. All questions must be submitted as described above during the Question and Answer period. Questions may include notifying the Procurement Unit of any ambiguity, inconsistency, scope exception, excessively restrictive requirement, or other errors in this RFP.

All questions must be submitted electronically through the procurement portal prior to the Question and Answer deadline. Answers and addenda will be posted publicly for all potential offerors.

Instructions to Offeror The RFP is not intended to limit a proposal's content or exclude any relevant or essential data. Offerors are at liberty and are encouraged to expand upon the specifications to evidence service capability.

The Procurement Unit reserves the right and may reopen this solicitation, or create a new solicitation if it determines there may be more competition for the procurement item than when the original solicitation was posted.

If it is determined to be in the best interest of the Procurement Unit, interviews and presentations may be held at the option of the Procurement Unit. The Procurement Unit shall establish a date and time for the interviews or presentations and shall notify eligible Offerors of the procedures. Offerors invited to interviews or presentations shall be limited to those Offerors meeting the minimum requirements and minimum technical score threshold specified in the RFP. Representations made by an Offeror during interviews or presentations shall become an addendum to the Offeror's proposal and shall be documented. Representations must be consistent with the Offeror's original proposal and may only be used for purposes of clarifying or filling in gaps in the Offeror's proposal. Interviews and presentations will be at the Offeror's expense.

Scope of Work Power District PID 1 seeks proposals from experienced, SEC/MSRB-registered Municipal Advisory firms. Selected firms must demonstrate strong expertise in Utah PID financing structures (Utah Code § 17D-4) and revenue bonds.

Qualified Financial Advisor Firms must be registered with the SEC and MSRB.

The Financial Advisor will work closely with other members of the financing team (e.g., underwriters, bond counsel, District Management, etc.) to plan and execute issuance of bonds or in obtaining other capital resources.

Objectives and Scope of Work The scope of services for Power District PID 1 includes, but is not limited to:

1. Debt Structuring: Advise on capital financing structures for the new barns and parking garage using tax increment revenues and pledged sales taxes.

2. Transaction Execution: Assist in discussions, document review sessions, preliminary/final official statement (POS/OS) preparation, and due diligence for public offerings or private placements.

3. Team Selection: Assist in drafting RFPs/RFQs and selecting underwriters, trustees, bond counsel, and other related bond and professional services.

4. Financial Modeling & Feasibility: Evaluate revenues and construction draw schedules to ensure cost-effective financing.

5. Pricing & Market Analysis: Provide independent pricing verification, compare yield curves, and evaluate market timing to achieve the lowest cost of capital.

6. Regulatory Compliance: Ensure full compliance with MSRB rules, federal tax laws, SEC Municipal Advisor Rules, and Utah PID governing limits.

Components/Deliverables

The RFP for Financial Municipal Advisor service should have 4 main components:

1. Cover Letter

2. General Information

3. Technical Questions

4. Cost Proposal: (Submitted as a separate file)

Your proposal must include responses to the following questions, in sequential order. Specific considerations and outcomes for each component are as follows:

Cover Letter (2 page limit) Must be signed by an authorized representative who can contractually bind the firm. Must explicitly state that providing services to Power District PID 1 presents no conflicts of interest.

General Information- Financial Advisor (8 page limit)

· Primary contact details (Name, title, address, phone, email).

· Confirmation that the firm can provide all services outlined in the Scope of Work.

· Key team members, their day-to-day roles, and brief resumes (resumes attached in appendix do not count toward page limits).

· Narrative of the firm's specific experience with Utah Public Infrastructure Districts (PIDs), revenue bonds, and unique financing experience.

· Complete list of municipal bond issues advised over the past three (3) years (may be attached as an appendix).

· Disclosure of material litigation, regulatory actions, or SEC investigations involving the firm or public finance team members over the past three years.

Technical Questions- Financial Advisor (13 page limit)

· PID & Facility Debt Strategy: Describe your recommended financing structures for funding the new barns and parking garage through PID debt mechanisms.

· Pledged Sales Tax & Interlocal Experience: Describe your firm's experience structuring revenue bonds backed by pledged sales taxes, specifically involving interlocal pledge agreements or transfers between distinct public entities.

· Market Capabilities: Explain your firm's market research sources, trading desk interactions, and methods for verifying underwriter pricing on PID bonds.

· Underwriter & Team Selection: Outline your approach to running competitive RFPs for underwriters and bond counsel for PID issuances.

· Regulatory Compliance: Detail your firm's adherence to MSRB and SEC Municipal Advisor rules.

Cost Proposal - Financial Advisor (2 page limit) Please refer to Appendix B.

Mandatory Minimum Requirements The following mandatory minimum requirements must be met in order for a proposal to be considered responsive:

1. Financial Advisor Firm must be registered with the MSRB and SEC.

2. Firm must demonstrate documented experience serving as a primary Financial/Municipal Advisor on both rated bond issuances (or direct purchases) and nonrated bond issuances within the State of Utah.

3. Timely and Submission.

4. Adherence to all submission instructions contained within this solicitation.

The contract will be awarded from the qualifying proposals based on the highest scoring responsible offeror, meeting the stated RFP requirements:

· Meeting all minimum mandatory requirements

· Ability to meet the technical requirements

· Cost

Technical Criteria Proposals will be evaluated out of a total 45 technical points based on the criteria below.

Criteria

Possible Points

Total Technical Points Possible

Cost Submission/Price Guarantee

Separate Submission: Pricing must be submitted as a separate document (Appendix B). Inclusion of cost data in the technical proposal will result in immediate disqualification.

Transaction-Based Fees: Offerors shall outline all fees contingent upon the successful closing of a bond issuance (to be paid out of bond proceeds) for a rated bond (or direct purchase), and unrated bond.

Fees Outside of Bond Issuance: If the cost proposal includes fees that will be charged outside of a bond issuance (e.g., hourly rates, fixed retainers, pre-issuance financial modeling, or ad-hoc advisory work), the proposal must include the expected hours required for each task, which will be incorporated into the contract as a maximum budget limit.

Price Guarantee: All proposed rates and fee structures must remain guaranteed for a minimum of one (1) year.

Reimbursable out-of-pocket expenses must be billed at actual cost without markup.

Cost Evaluation: The maximum cost score is 15 points. The lowest responsive cost proposal for one rated bond issuance (or direct purchase) and one unrated bond issuance receives 15 points; other proposals receive points proportionally based on the formula:

Evaluation Process

Stage 1 (Initial Review): Verification of mandatory minimum requirements and timely submission.

Stage 2 (Technical Evaluation): Scoring of technical proposals against the 45-point rubric. Proposals scoring below 36 points will be eliminated.

Stage 3 (Interview Presentation - Optional): Qualified offerors scoring over 36 points may be invited for a 30-minute presentation (up to 10 additional demonstration points).

Stage 4 (Cost Evaluation): Unsealing and scoring of cost proposals for firms passing Stage 2 (and Stage 3, if held).

Protected Information Offerors may request that part of its proposal be protected by submitting a Company Request for Protected Record Status.

Pricing may not be classified as confidential or protected and will be considered public information.

Process for Requesting Non-Disclosure: To protect information under a Claim of Business Confidentiality, an Offeror must complete the Company Request for Protected Record Status form, at the time the proposal is submitted, with the following information:

· Include a concise statement of reasons supporting the claim of business confidentiality (Subsection 63G-2-309(1)).

· Submit an electronic “redacted” (excluding protected information) copy of the proposal. Copy must clearly be marked “Redacted Version.”

The Claim of Business Confidentiality form may be accessed in Appendix A.

An entire proposal cannot be identified as “PROTECTED”, “CONFIDENTIAL” or “PROPRIETARY”.

Redacted Copy: If an Offeror submits a proposal that contains information claimed to be confidential or protected, the Offeror MUST submit two separate proposals: one redacted version for public release, with all protected business confidential information either blacked-out or removed, clearly marked as "Redacted Version"; and one non-redacted version for evaluation purposes clearly marked as "Protected Business Confidential."

All materials submitted become the property of the Procurement Unit. Materials may be evaluated by anyone designated by the Procurement Unit as part of the evaluation committee. Materials submitted may be returned only at the Procurement Unit's option.

Award To determine which proposal provides the best value to the procurement unit, the evaluation committee shall evaluate each responsive and responsible proposal that has not been disqualified from consideration.

It is anticipated that this RFP will result in a single award to the responsive and responsible Offeror with the highest score.

After the evaluation and final scoring of proposals is completed, the Procurement Unit shall award the contract as soon as practicable.

Terms & Conditions Any contract resulting from this RFP will include, but not be limited to the Standard Terms and Conditions. The Standard Terms and Conditions have been attached in the Files section of Bonfire.

Exceptions and/or additions to the Standard Terms and Conditions are strongly discouraged. However, Offerors requesting exceptions and/or additions to the Standard Terms and Conditions must be submitted with the proposal. Exceptions and/or additions submitted after the date and time for receipt of proposals will not be considered. Offerors may not submit requests for exceptions and/or additions by reference to a vendor's website or URL. URLs provided with a proposal may result in that proposal being rejected as non-responsive. Offerors may submit questions during the Question and Answer period regarding the Standard Terms and Conditions.

The District may refuse to negotiate exceptions and/or additions that are determined to be excessive; that are inconsistent with similar contracts of the procurement unit; to warranties, insurance, or indemnification provisions that are necessary to protect the procurement unit after consultation with the applicable legal counsel; where the solicitation specifically prohibits exceptions and/or additions; or that are not in the best interest of the procurement unit.

For any proposed change(s), Offeror must provide the Standard Terms and Conditions for this solicitation in Microsoft Word format with redline edits. Offeror must also provide the name, contact information, and access to the person(s) that will be directly involved in legal negotiations.

Any mandatory required acceptance of an Offeror’s terms and conditions may result in the proposal being determined to be non-responsive.

An award resulting from this RFP is subject to successful contract terms and conditions negotiation (if required). The District may reject a proposal if the offeror who submitted the proposal fails to sign a contract within 90 days after the contract award.

Appendix A: Claim of Business Confidentiality

COMPANY REQUEST FOR PROTECTED RECORD STATUS

Name and Address of entity (“Company”) making this confidentiality claim (please print or type):

Pursuant to the Government Records Access and Management Act, Utah Code § 63G-2-309, Company submits this written claim for business confidentiality. Company claims that the records attached to this form and/or listed below and provided to the Power District Public Infrastructure District No.1 (the District) are protected records and should be considered confidential and classified as protected records.

DESCRIPTION of the record(s) covered by this confidentiality claim and which Company believes qualifies for protected status:

The following reasons are Company’s concise claim in support this claim of business confidentiality (check all that apply):

NOTE: Company will be notified if a record claimed to be protected is classified as public or if the determination is made that the record should be disclosed to the public because the interest favoring access outweigh the interest favoring restriction of access. Records claimed to be protected under this business confidentiality claim may not be disclosed to the public by the District until the period in which to bring an appeal expires or the end of the appeals process, including judicial appeal (unless the claimant, after notice, has waived the claim by not appealing or intervening before the record committee). (Utah Code § 63G-2-309)

BY: ___________________________________________________ DATE: ______________________

AUTHORIZED REPRESENTATIVE NAME AND TITLE

COMPANY STATEMENT

The following is a concise written statement supporting a business confidentiality claim is required, U.C.A. 63G-2-309(1)(a)). Please attach additional sheets if necessary.

The attached information is related to the Power District Public Infrastructure District No. 1’s financial municipal advisor RFP.

The Company makes its claim of confidentiality, protected, or private status of records for the following reasons:

NOTE: Claimant shall be notified if a record claimed to be protected is classified public or if the determination is made that the record should be disclosed because the interest favoring access outweigh the interest favoring restriction of access. Records claimed to be protected under this business confidentiality claim may not be disclosed until the period in which to bring an appeal expires or the end of the appeals process, including judicial appeal (unless the claimant, after notice has waived the claim by not appealing or intervening before the record committee). (U.C.A. 63G-2-309)

COMPANY: ____________________________________

By: ___________________________________________ Date: ______________________

Name (printed): _________________________________

Title: __________________________________________

Appendix B: Cost Proposal

Cost proposals must be submitted as a separate document.

Respondents shall provide a fee proposal clearly identifying and differentiating fees to be charged that would cover all of the services listed in the scope of work. Please submit your fee structure including (as applicable):

· Transactional fees per $1,000 bond issuance for a rated bond issuance (or direct purchases) and nonrated bond issuance

· Fees for ongoing work

· Hourly rates for ad hoc advisory services

· Annual Retainer fees (if applicable)

If the cost proposal includes fees that will be charged outside of a bond issuance, the proposal must include the expected hours required, which will be included in the contract.

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