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City Hall, Ratner Near Compromise on Tax Abatements

New York City and Bruce Ratner appear near a deal that would preserve but cut back the Nets' owner special tax abatement. The deal would also reinforce the city's commitment to spend $205 million on improvements around the Atlantic Yards project which is anchored by the Nets' new Brooklyn arena. Special legislation enacted in Albany provided as much as $300 million in tax relief for Ratner, which angered Mayor Bloomberg. He had threatened to pull half the improvement funds.