The PSC was used at each of the project brief and bid evaluation stages.
Appropriate adjustments were made at each stage of the evaluation process from receipt of the bids in October 2004 to financial close in June 2005. Adjustments made to the PSC to enable a like-for-like comparison with bids were:
• retained risk adjustments (as the state holds this risk under either scenario)
• land tax adjustment (not considered by the bidders but included in the PSC)
• car park revenues (The State Government decided after the PSC was calculated to retain the car park revenues. To make the PSC comparable to the bids, the value attributed to the car park revenues under the PSC was added back.).