Digital Domain's State and Local Incentives Up to $135.1 Million

Digital Domain Media Group (NYSE: DDMG) has received an extra $11 million in tax credits from the Florida Department of Economic Opportunity.

The latest credit, announced Thursday by the company, brings to $135.1 millionthe sum that the digital production company has received in incentives from the state, Port St. Lucie and West Palm Beach.

"As we deliver on the job creation promises we have made to the communities that support our growth, we benefit from a unique business model that utilizes these grants and economic incentives to greatly minimize the financial risk of such growth, John Textor, CEO of Digital Domain Media Group, stated in a release.

The latest credit will be used to develop the studios first film in Florida, The Legend of Tembo.

Digital Domain Media Group has contributed to films such as Thor, TRON: Legacy, Transformers, The Curious Case of Benjamin Button, Apollo 13 and Titanic.

The company is set to officially open a $40 million, 115,000-square-foot studio in Port St. Lucie Jan. 3, according to TCPalm.

In West Palm Beach, Digital Domain is creating an institute with Florida State University's College of Motion Picture Arts.

The incentives break down:

State of Florida --$20 million, cash grants;$19.9 million, tax rebates -- resalable.

City of Port St. Lucie --$10 million, cash grants;$10.5 million, land (appraised value);$39.9 million, low-interest building and equipment lease financing.

City of West Palm Beach --$10 million, cash grants;$9.8 million, land (appraised value);$15 million, low-interest financing.

The company has also received an estimated $50 million from its recently announced China joint venture partner, Beijing Galloping Horse Film Co.