After 11 months of negotiations, the Corpus Christi port commissioners on Tuesday approved the sale of part of its Ingleside Facility to Canyon Supply & Logistics.
The sales agreement is for 185.5 acres for about $66 million dollars, subject to appraisal modifications. To seal the agreement, Canyon agreed on a $20 million down payment with a nonrefundable $1 million payment today. The balance of $19 million will be due on Dec. 20, 2011. The remaining balance will be paid in a promissory note of $46 million over the next 10 years and includes a balloon payment of $20 million at the end.
Canyon is a special service-purpose company that will develop the industrial part of the facility for off-shore logistics to support the oil and gas industry in the Western Gulf of Mexico.
U.S. Naval Station Ingleside in Texas was designated for closure under the 2005 Base Realignment and Closure Act, 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 Ingleside property encompasses 483 acres 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. The port also included 435 acres of green field property adjacent to the base which will be incorporated into the development project.
Corpus Christi sells 185.5 acres of former Navy base
