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16 <br />EXHIBIT C <br />CALCULATION FORMULA <br />Estimated Market Value of the Property (land & buildings) <br />without exemption (Full Value) multiplied by Commercial Property Class Rates yields Tax <br />Capacity. <br />Tax Capacity multiplied by Little Canada’s City Tax Rate for the year payment is to be <br />made = City Tax at Full Value (w/o Exemption) <br />In the event that the State of Minnesota Property Tax Laws are modified between the execution of this agreement and its <br />discontinuance, then best efforts shall be used to calculate impact based upon the correlations between the 2018 and future data. <br />Sample Calculation <br />Pay 2018 Estimated Market Value $2,588,400 <br />Tax Capacity equals 1.50% of first 150,000 EMV and 2.0% for anything above $150,000 <br />150,000 x 1.5% 2,250 <br />2,588,488 – 150,000 x 2.0% 48,768 <br />Tax Capacity 51,018 <br />x <br />2018 City Tax Rate 0.26664 <br />PILOT PAYMENT $13,603.44