Port St. Lucie, Fla. is seeking companies interested in leasing the bond-financed building that housed the failed Digital Domain company.
Port St. Lucie sold $18 million of taxable lease revenue bonds and $21.86 million of taxable lease-revenue recovery zone facility bonds in 2010 for Digital Domain Media Group, which vacated the building after filing for Chapter 11 bankruptcy on Sept. 11.
The city already auctioned off the contents of the 115,000-square-foot building earning about $1.5 million.
Bond proceeds were used to build and equip a specialized building for the special-effects company's digital production studio. Digital Domain was to make lease payments to the city, which in turn used the payments for debt service. In a notice to bondholders, the city said no payments have been missed and it will continue to make the scheduled debt-service payments on time.
The bonds are secured by the city's covenant to budget and appropriate legally available non-ad valorem revenues to pay debt service.
Port St. Lucie also owns the 15.5 acres of land where the studio was built, and had leased it to the company for 20 years.