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ARTICLE II <br />ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES <br />Section 2.1 Acknowledgments Representations and Warranties of the City. The City <br />makes the following representations and warranties: <br />(1) The City is a municipal corporation and a political subdivision of the State and <br />has the power to enter into this Agreement and carry out its obligations hereunder. <br />(2) The Tax Abatement Program was created, adopted and approved in accordance <br />with the terms of the Tax Abatement Act. <br />(3) The City has made the findings required by the Tax Abatement Act for the Tax <br />Abatement Program. <br />(4) The City acknowledges and understands that the EDA is selling the Tax <br />Abatement Property to Sportech, Inc. at a price less than fair market value. The City intends to <br />reimburse the EDA for a portion of the amount of the discount in the price of the Tax Abatement <br />Property from the Tax Abatements as provided herein. <br />Section 2.2 Acknowledgments Representations and Warranties of the EDA. The EDA <br />makes the following representations and wan•anties: <br />(1) The EDA.is a public body corporate and politic and has the power to enter into <br />this Agreement and carry out its obligations hereunder. <br />(2) The EDA has duly authorized the sale of the Tax Abatement Property to the <br />Developer. <br />zis9ss~~z 3 <br />