November 10 - After 11 months of negotiations, Port of Corpus Christi commissioners have approved the sale of part of its Ingleside Facility to Canyon Supply & Logistics, LLC.
The approved sales agreement is for 185.5 acres (75 ha) for approximately USD66 million dollars, subject to appraisal modifications. To seal the agreement, Canyon agreed on a USD20 million dollar down payment with a nonrefundable USD1 million payment on the day the deal was signed. The balance of USD19 million will be due on December 20, 2011. The remaining balance will be paid in a promissory note of USD46 million over the next ten years and includes a balloon payment of USD20 million at the end.
"Port Commission and staff are looking forward to working with Canyon Supply and Logistics to complete the sale of the former US Naval Station Ingleside. Canyon is a great industry fit to redevelop the facility. They will be able to create many new jobs for the area affected by the departure of the Navy," said Mike Carrell, chairman of the Port Commission.
Canyon Supply and Logistics is a special service-purpose company that will develop the industrial part of the facility for offshore logistics to support the oil and gas industry in the western Gulf of Mexico.
US Naval Station Ingleside was designated for closure under the Base Realignment and Closure Act of 2005, which resulted in the departure of the Navy by April 30, 2010. On that date, ownership of the base reverted to the Port of Corpus Christi Authority. The US Naval Station Ingleside property encompasses 483 acres (195.4 ha) with more than 70 buildings, including warehouse facilities, administrative offices, barracks, fitness and recreation facilities, a capital-class pier and wharf area, and much more.
