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FUTURE FORMULA <br />Estimated Market Value of the Property without Exemption (Full Value) <br />X Property Class Rates Applicable to Property <br />X City Tax Rate for the year of Evaluation (2022) <br />= Total City Tax at Full Value (w /o Exemption) <br />X Percentage Reduction in Full Value Resulting From Exemption <br />= City Shortfall Due to Exemption (PILOT Amount) <br />In the event that State of Minnesota Property Tax Laws are modified between the <br />execution of this agreement and the re- evaluation period, then best efforts shall be <br />used to calculate impact based upon the correlations between the 2012 and 2022 <br />data. <br />17 <br />