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State Street latest to win tax break on the waterfront

Boston officials plan to give State Street Corp. $11.5 million in tax cuts to construct an office building on the South Boston Waterfront, the latest deal by the city to help transform the once-shabby industrial district.

The proposal, announced Monday, would help finance construction of an 11-story building at the Channel Center complex off of A Street. The tax break, which needs approval from the Boston Redevelopment Authority, would be spread over 15 years.

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