PORT ST. LUCIE, Fla. -- A federal bankruptcy court Tuesday will decide what's next for the vacant Digital Domain Studios in Port St. Lucie.
The case will go before a judge around 1 p.m. in Wilmington, Delaware. An attorney representing Port St. Lucie will be in attendance to present a proposed settlement created by the city Monday night.
If approved by the judge, the settlement will terminate Digital Domain's lease of Tradition Studios on December 31 of this year.
Ownership will then be handed over to the city.
According to Scripps Treasure Coast Newspapers, an auction will be held to sell the laptops, desks and chairs still inside the building. The settlement states that proceeds from the auction will be split between Digital Domain and Port St. Lucie.
If Digital Domain needs more time after December 31 to auction off the items, the city will agree to give the company more time, according to the settlement.
If the judge approves the settlement, it's expected to happen Tuesday or by the end of the week.
The city will then be able to move forward and market the vacant building to other companies. Without anyone in the building, the city must make a lease payment in January, costing $3.7 million.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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