ANNOUNCEMENT 01 Jul 2009
In July 2009, the government of Florida announced tax incentives for an animation studio and school.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
Jeff Ostrowski, "How public's millions vanished," Palm Beach Post (June 16, 2013) at http://www.mypalmbeachpost.com/news/news/how-publicsmillions-vanished/nYLrh/
In 2009 state and local governments in Florida provided an incentives package to Digital Domain Media Group for a digital animation studio and school. The package totalled $135 million, including $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 the studio. Of the $135 million promised, the company had 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.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.
As no official source could be obtained, this measure is coded "amber".