WEST PALM BEACH, Fla. - More than one week after the downfall of Digital Domain Media Group, Mayor Jeri Muoio said on Wednesday that she still expected the City of West Palm Beach to be returned ownership of the prized land it gave the digital effects company to build Digital Domain Institute.
Muoio, who spoke with reporters during an afternoon news conference, said the deal with Digital Domain Media Group -- the land and a $2 million investment -- would pay dividends.
"Well, you asked me before if I thought it was a good investment. And, I'll tell you again. Yes, I do," Muoio said. "So, you know, we see this as playing out in the long-run as very positive. I know we did what we needed to do when we decided to move forward with this."
Muoio said she did not know that Digital Domain Media Group had taken out a mortgage on the land or considered a sale of it.
Asked why she hadn't publicly weighed in sooner, Muoio said it was because it was a complex issue.
"They've involved sensitive legal problems. It's only been eight days and we have used those eight days for our team to examine and study everything that we need to do. And now, even now, there's only a certain amount of information we can give you because we're involved in a bankruptcy," she said.