Florida is out $20 million on Digital Domain deal

Release time：2012-10-11
Browse：4448

Palm Beach Post Staff Writer
In what stands to be the largest jobs incentive failure in state history, Digital Domain Media Group announced Friday that it would close its Port St. Lucie animation studio, a $20 million black eye for the state.
The mastermind who lined up more than $130 million in government incentives, West Palm Beach native John Textor, is no longer chief executive of the company he fashioned from a California special effects studio into a jobs-promising, Florida grant magnet.
For Port St. Lucie, it’s the loss of hundreds of high-paying jobs and a huge new expense to repay a $40 million bond issue that brought Digital Domain to the sprawling Tradition development on the city’s western edge.
In West Palm Beach, Textor’s dream of a for-profit animation studio linked to Florida State University’s film school stays alive for now, but city officials are wary and could be out $2 million they have paid Digital Domain.
On Tuesday, Textor reassured West Palm Beach commissioners after Digital Domain announced that it had defaulted on $35 million in loans and, with interest, owed $51 million to private investors. Textor, a born salesman with a history of business flops, remained unruffled, assuring commissioners that the company would survive.
“We are ready, we are keeping our promises, and we will continue to do so in our community,” he said then. “We’ve kept our promise. We’ve created over 300 jobs.”
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