costs» means amounts substantially all of which are paid by, or for the account of, an obligor in connection with a
project, including the cost of» (A) development phase activities, including planning, feasibility analysis, revenue forecasting, environmental review, permitting, preliminary engineering and design work, and other preconstruction activities;» (B)
construction, reconstruction, rehabilitation, replacement, and acquisition of real property (including land relating to the
project and improvements to land), environmental mitigation,
construction contingencies, and acquisition of equipment; and» (C) capitalized interest necessary to meet market
requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs
during construction.»