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Pursuant to the above-stated policy of the City Council, and in consideration of <br /> the rights to develop the property pursuant to this Agreement, Developer shall pay to <br /> City, for construction of Facilities within the District, fees ("Facilities Fees") as <br /> hereinafter described: <br /> (1) Facilities Fees shall be payable on an "E.D.U. " (Equivalent Dwelling Unit) <br /> basis, at the time building permits are applied for, for all phases of the Centrum <br /> Project, in accordance with the actual square footage applied for by Developer. <br /> (2) The E.D.U. equivalency charges for building permits applied for during the <br /> period July 1 , 1995 through June 30, 2005 shall be as set forth in Exhibit C <br /> attached hereto and made a part hereof. <br /> rn <br /> (3) The E.D.U. equivalency charges for building permits applied for after June 30, <br /> 2005 shall be as adopted by the City Council in accordance with the Redwood d <br /> Shores Development Agreement paragraph 8, which established a procedure for <br /> establishing Facilities Fees. <br /> (4) The E.D.U. square foot calculations for various potential uses of the currently <br /> vacant parcels in the Centrum Project shall be as set forth in Exhibit D attached <br /> . hereto and made a part hereof; provided, however, that in the event the vacant <br /> parcels referred to in Exhibit D are developed with a conference center to be <br /> used primarily by persons or entities unaffiliated with Developer, then the <br /> E.D . U. square footage calculations with respect to such conference center shall <br /> be made in accordance with the then-existing standard calculation formula used <br /> by City. <br /> "(b) Credits for Construction of Public Facilities. The following projects <br /> which Developer is required to construct pursuant to various development approvals <br /> for the Project shall be considered Facilities for the purpose of District financing, and <br /> City shall give to Developer credits, up to the amounts hereinafter set forth, against the <br /> payment of Facilities Fees. <br /> 11 0669212MF1071.DOC:122365 <br />