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accorda�ace wit1� tI�e provisians a� Chapter 275, as a�nended, of Minnesofia Sfiat�ates, a�ad �he c�ass <br />rate applicab�e to t�e Exe�npt P�'ape�-ry deteran�ned an accardance with the provisions of Min��. <br />�fat. §273.13, as a�nended. Ti�e coinputation of t�e tax due shall camply w'rth the fqr�at <br />estahlished in� the May S, 20Q6 Memoraiad�zm frann Spriz�gsted Incorporated fid the City of <br />Woodbury a copy ofwhicE� is an�lexed hereto as Exhibit "B", <br />Sectioiz 3.04. Market Value. T�e Developer and the Ciiy acknowledge that �h�e Washir�gton <br />Cp►,ynty Assessor deter�nines i�Ce �narket value af fax exe��pt properties in accordance with th� <br />provisions of Mia�n. Stat. §272.18. For p€�r�oses af this Agreement, the mark�t val�e o� t1�e <br />Exe�a�pt �'z�aperty as o� January 2, 2007 sl�aJl be as determined by the Washingioi� Couaaty <br />Assessor. �n tk�e eveiat tE�e Wasl�iragton Cnunty Assessat' has noi deterinined a�ew valu� for any <br />given year, tl�e �alue for such year slaaEl be tl�e �alue deter��it�ed by tl�e Washingtan Cauz�ty <br />Assessox for t�e previaus yeat• pCus avez'a�e a��tnual property ap�reciatio� based oi� other <br />eo�ni��ereiai/industrial property app�-eciation in tl�te City oI' Woadb�ry. Thus, iar e�arr�ple, if ihe <br />Waslaingtar� Coui�ty Assessor l�as deterinined the �na�°ket �aI�e of th� �xe�npt Properxy as af <br />.Tanuary 2, 2007, a�ad if �he E��mpt �'raperty is �xernpt fram iaxatiaz� �or taxes payable in 2008 <br />axad average property appreciation for 2008 is 5% , the payine�lt in lieu of ta�es due in 2QQ8 <br />shall be co�raputed with ��ference to t��e Assesso�• J'ai�uar� Z, 2007 va,luatioY� pltzs 5% <br />appreciatiot�. Ii t�e assessor kzas �xot �pdated the value for znore t(�an nne year, appreciation for <br />each uzaadjusted year shaJ1 b� added to tE�te last value s�#. If the County Ass�ssor continues to <br />value the �roper�y every six�h y�ar, as is now ti�e praciice, the new value determir�ed by the <br />Couzaty Assessor will be determinaiive i�oiwitl�standing interi�n years of cumulative increases. <br />Section 3.05. A�peal of Valuation. The marEcet value of the E�empt Property as deterrrrined 6y <br />the Washi��gtan County Assessor �rom ti��ae ta �i��e a�ter t�ae �xernpt �'roperty is granted <br />exe�a��atiQn may be appea�ed by eith�r the Developer o�• t�he City as follows: witl�iz� z�inety (9f?) <br />days a�ter receiving notice of the markei val�e of the �xerr�pt 1'roperty as de�eri�ii�ed by the <br />Wasi�ington Cou��ty Assessor, either parry a�ay se�d �ptice to t�e ather t�at it objects to such <br />deter�x�inatian and statiz�g zts opinio�� as to tiae true �narket value of the Exem�t Frop�rty. If th� <br />Ciiy a�d the Develo�er can��ot within tl�irty (30} days after the daie of said notice and a�'ier good <br />faii� negofiiations agree �par� �11e marlcet value o£ t�e �xempt �roper€y, ihen the market value <br />shall be es�ablished by appraisal, as foliows: �f the Developer ai�d the City agree upan the <br />se�ec#ion of a�a appraiser within tw�nty (20} days after �he expiratio�z o� t��e thirty (3f?) day. <br />negotiation period, sucl� a�praise�• shall be appoi�ated ta appraise the �'u1� a�d iinpartial appraisal <br />which sl�all be bindin;g on the parties. I�'tlae Developer and tl�e City ha�e been unable, to agree <br />upon the a�paintrnent a� a�ingle appraiser witlasi� said tw�niy (20) days, tl�et� each party shall <br />wiil�in t�iriy {30} days follawing t�ae ���iration o� �he �i�ne given for ap�oix�iinent of a sii�gle <br />appraiser desigr�ate an incfepezadent a�praiser wk�a �alds the designatian "MA�' and has l�is o;r laer <br />prineipal place of business in Wasl�ington Couilty, Min�lesota. If tl�e objec�ing party shalI fail to <br />desig��ate an a�praiser ai�d notify the other party of hislher idei�tily within said �hiriy (30) days, <br />thei� the markei value p�t�e Exe��pt Pro}�erty sl�a�l be as previousIy determ�n�d by the Assessar. <br />�f the nor�-objectin� party shall fail to designate an apps•aiser and natifiy �lie atlaer parry of his/]�e�° <br />ide��tify withirz said thirCy (30} days, than the market value of tla� E�ea�pt �'�'operty sl�ali be the <br />amount set out in �he notice of objections. �f both parties timely naine an app��aiser, then the twa <br />appraisers so naaned sha1� desig�zate a ihird si��nilarly qualz�ed appraiser within �h�irty (3Q} days of <br />the a.ppoi��trnent o� the last of the twa appraisers na�ned t�y the parties. �f th� two appraisers �'aii <br />