The evaluation framework that has been agreed between the Authority and the PB is likely to allow for both a quantitative and qualitative evaluation of the bids received.
The quantitative element will require an analysis of the impact on the anticipated NPV cost (and any other relevant financial measures) of the project to the Authority under the terms of the various bids. This analysis is likely to be undertaken using the PB's financial model.
The qualitative element will seek to assess the deliverability of the bid and its impact (if any) on the commercial terms that have already been agreed between the Authority and the PB.
The PB and its advisers will be responsible for evaluating the bids received and recommending the preferred funder(s) (and if relevant the preferred funding solution). This may take the form of an evaluation report to be submitted to the Authority.
The Authority should review the recommendation of the PB and ratify this recommendation. If there is disagreement on the proposed selection, then the Authority and the PB should meet to resolve such differences in opinion as early as possible. The final decision on selection rests with the Authority.
The model with the winning funding terms should be reviewed by the Authority's advisors to ensure that the benefit from the competition is retained by the Authority.