Subsidy Tracker Individual Entry

Company: 
Digital Domain Media Group
Parent Company: 
Searchlight Capital
Subsidy Source: 
multiple
Location: 
Florida
City: 
Port St. Lucie
County: 
St. Lucie/Palm Beach
Project Description: 

digital animation studio and school

Year: 
2009
Major Industry of Parent: 
private equity (including portfolio companies)
Specific Industry of Parent: 
private equity (including portfolio companies)
Subsidy Value: 
$135,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Source of Data: 

The data was taken from Jeff Ostrowski, "How public's millions vanished," Palm Beach Post, June 16, 2013 at http://www.mypalmbeachpost.com/news/news/how-publicsmillions-vanished/nY...

Notes: 

The $135 million figure represents the promised value of the subsidy package and includes $40 million in cash and tax credits from the state, $60 million from Port St. Lucie and $35 million from West Palm Beach. In September 2012, the company filed for bankruptcy and closed Port St. Lucie studio. Its other assets were acquired by Searchlight Captial. According to the source article out of the $135 million promised, the company received $89.75 million, including: $20 million in cash from the state; $40 million for constructing and equipping the studio, $10 million in land and $7.75 million in cash from Port St. Lucie (city recovered land and the building); and $10 million in land and $2 million in cash from West Palm Beach (city recovered the land). Promised but not delivered subsidies included: $20 million in film tax credits from the state; $2.25 million in cash from Port St. Lucie; and $8 million in cash and $15 million in bonds from West Palm Beach. In addition, Subsidy Tracker lists $379,764 from Quick Response Training and $50,000 from Incumbent Worker Training the company received in 2011 for worker training from Workforce Florida, Inc.

Source Notes: 
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