WPB Mayor Jeri Muoio talking to news media today after making it official:
The deal is signed, sealed and delivered by the Mayor.
The land once again belongs to the City
Read the entire agreement by clicking the link below.
Watch as Mayor Muoio heads over to file the official paperwork:
(West Palm Beach, FL) – Less than two months after Digital Domain filed bankruptcy, the land that was conditionally given to the digital effects company is back in City of West Palm Beach hands.
Earlier today, West Palm Beach Mayor Jeri Muoio personally filed the Deed to the property with the county clerk’s office, making it official.
The so-called “tent site” was given to Digital Domain in 2010 for the purpose of constructing a new headquarters for the company and a home for the new FSU digital animation program. Once the company filed bankruptcy and was unable to fulfill it commitments, a clause in the 2010 agreement required the land be returned.
“We have always had the facts and the law on our side. Getting the land back this quickly proves beyond a shadow of a doubt that our agreement, from day one, was crystal clear and legally binding,” said West Palm Beach Mayor Jeri Muoio.
“It is almost unheard of to settle a bankruptcy case like this so quickly. Some self-appointed experts, knowing little about this case, expressed doubts. But the people involved in this case who knew the facts firsthand all agreed. The land must be returned to the City,” said Muoio.
“In less than two months, the City got its property back. That is a testament to the good legal work that was done by the City and the City’s attorneys at the time the deal was done and the property was conveyed to Digital Domain,” said Robert Furr, a noted bankruptcy attorney in South Florida and member of the City’s legal team. “It is a remarkable result to get something back in 60 days in court today in this country.”
The terms of the 2010 agreement between Digital Domain and the City required Digital Domain to fulfill several benchmarks. Those requirements were not met, triggering a protective clause that ordered the land be given back to the City.
As part of the bankruptcy settlement that returned the land to the City, all the parties agreed to give up any claims to the City’s property. In return, the City agree to give up any future claims against Digital Domain.
“In reality, we really didn’t give up anything,” said Mayor Muoio. “Digital Domain is bankrupt. Anything of any value has been auctioned off, and the rest is being picked over by a laundry list of creditors trying to salvage what they can. Our only priority was getting the land back, and that is exactly what we did.”