that the senior project obligations of the project (which may be the Federal credit instrument) have the potential to achieve an investment-grade rating. (C) Special rule for certain combined projects The Secretary shall develop a credit evaluation process for a Federal credit instrument provided to a State infrastructure financing authority for a project described in section 206(b), which may include requiring the provision of a preliminary rating opinion letter from at least one rating agency. (2) Eligible project costs The costs of the eligible project shall be reasonably anticipated to be not less than $20,000,000. (3) Dedicated revenue sources The Federal credit instrument for the project shall be repayable, in whole or in part, from dedicated revenue sources that also secure the project obligations. (4) Public sponsorship of private entities In the case of a project carried out by an entity that is not a State or local government or an agency or instrumentality of a State or local government, the project shall be publicly sponsored. (c) Selection criteria (1) Establishment The Secretary shall establish criteria for the selection of projects that meet the eligibility requirements of subsection (b). Such criteria shall be designed to ensure a diversity of project types and geographical locations, and shall include the following: (A) The extent to which the project is statewide or regionally significant, with respect to the generation of increased recreational opportunities. (B) The extent to which assistance under this title would foster innovative public-private partnerships and attract private debt or equity investment. (C) The likelihood that assistance under this title would enable the project to proceed at an earlier date than the project would otherwise be able to proceed. (D) The extent to which the project uses new or innovative approaches. (E) The amount of budget authority required to fund the Federal credit instrument for the project made available under this title. (F) The extent to which the