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accordance with the provisions of Chapter 275, as amended, of Minnesota Statutes, and the class rate applicable to the Exempt Property determined in accordance with the provisions of MiIn1. Stat. §273.13, as amended. The computation of the tax due shall comply with the format established in the May 8, 2006 Melnora2lduln from Springsted Incorporated to the City of Woodbury a copy of which is annexed 1lereto as Exhibit "B". Section 3.04. Market Value. Tl1e Developer and the City acknowledge that the Washington County Assessor determines the market value of tax exempt properties in accordance with the provisions of Minn. Stat. §272.18. For purposes of this Agreement, the market value of the Exempt Property as of January 2, 2007 s11a11 be as determined by the Washington County Assessol•. In the event the Washington County Assessor has not determined a new value for any given year, the value for such year shall be the value determined by the Washington County Assessor for the previous year plus average a2lnual property appreciation based on other commercial/industrial property appreciation in the City of Woodbury. Thus, for example, if the WaS11111gt021 County Assessor has determined the marlcet value of the Exempt Property as of January 2, 2007, and if the Exempt Property is exempt from taxation for taxes payable in 2008 and average property appreciation for 2008 is 5% ,the payment in lieu of taxes due in 2008 shall be computed with refe2•el~ce to the Assessor Ja~luaiy 2, 2007 valuatio2l plus 5% appreciation. If the assessor has 11ot updated the value for more than one year, appreciation for each unadjusted year shall be added to the last value set. If the County Assessor continues to value the property every sixth year, as is 11ow the practice, the new value determined by the County Assessor will be determinative notwithstanding interim years of cumulative increases. Section 3.05. Appeal of Valuation. The market value of the Exempt Property as determined by the Washington County Assessor from time to time after the Exempt Property is granted exemption may be appealed by either the Developer or the City as follows: within ninety (90) days after receiving notice of the market value of the Exempt Property as determined by the Washington County Assessor, either party may send notice to the other that it objects to such determination and stating its opinion as to the true market value of the Exempt Property. If the City and the Developer cannot within thirty (30) days after the date of said notice and after good faith negotiations agree upon the lna2•ket value of the Exempt Property, then the market value shall be established by appraisal, as follows: If the Developer and the City agree upon t11e selection of an appraiser within twe2lty (20) days after the expiration of the thirty (30) day negotiation period, such appraiser shall be appoi2lted to appraise the full and impartial appraisal which s11a11 be binding on the parties. If the Developer and the City have been unable. to agree upon the appoilltme2lt of a single appraiser within said twenty (20) days, then each party shall within thi2•ty (30) days following the expiration of the time given for appointment of a single appraiser designate an indepe11de11t appraiser who holds the designation "MAI' and has his or her pl-illcipal place of business in Washington County, Minnesota. If the objecting party shall fail to designate an appraiser and notify the other party of his/her identity within said thirty (30) days, then the market value of the Exempt Property shall be as previously determined by the Assessor. If the non-objecting party shall fail to designate an appraiser and notify the other party of his/her identify within said thirty (30) days, then the market value of the Exempt Property shall be the amount set out in the notice of objections. If both parties timely ~1ame an appraiser, then the two appraisers so named shall designate a third similarly qualified appraiser within thirty (30) days of the appointment of the last of the two appraisers named by the parties. If the two appraisers fail