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Arena Gets $55 Million Federal Tax Credit

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As he tries to market nearly $700 million in bonds for the construction of Barclays Center, Bruce Ratner has received a $55 million tax credit from the US Treasury to help the struggling project. The credit was announced Friday but federal and state officials didn't specifically say how it would be used other than to help financing. Critics complain the program was intended for low-income communities, not arenas.