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Governor Signs Tax Abatement Bill Benefiting Ratner

New York Governor Eliot Spitzer Friday signed a compromise property tax abatement bill that preserves--but reduces--Bruce Ratner's tax benefit on Atlantic Yards. The Nets' arena will be the centerpiece of $4 billion project. Under the bill signed by Spitzer, Ratner will save about $200 million over 15 years. Under the original proposal, approved by the legislature, the abatement would have lasted 25 years and saved about $300 million, causing even the project's biggest backers to demand a change.