USA: Port Corpus Christi Commissioners Sign Agreement for Sale of its Ingleside Facility
At a special Commission Meeting, Monday, May 2, Port Corpus Christi Commissioners signed an agreement for the sale of its Ingleside Facility (former U.S. Naval Station Ingleside) to Canyon Supply & Logistics, LLC.
The agreement signed by both parties was for the sale of 798 acres at former U.S. Naval Station Ingleside (NSI) with a purchase price of $75,831,604.00. As part of the sales agreement, Canyon Supply & Logistics, LLC has 10 business days to deposit $1M of earnest money. Canyon will have until September 15, 2011 to complete all their feasibility studies, surveys, due diligences, to present a down payment of $24 million, and sign a 10 year promissory note for the balance. “Port Commissioners and staff continue to work with Canyon Supply and Logistics, LLC to finalize the sale of former U.S. Naval Station Ingleside. We are confident they fit the model of the master development plan for the facility,” said Mike Carrell, Chairman, Port Commission.
Canyon Supply and Logistics, LLC is a special service purpose company that supports the oil and gas production companies in the Western Gulf of Mexico. Canyon will develop the industrial part of the facility for off-shore logistics for the oil and gas industry and anticipates providing 2500 jobs within five years. As part of the sales agreement Canyon Supply & Logistics, LLC, will have an option to purchase an additional 105 acres in the center of the base property which currently contains
– Immediate Release –
Monday, May 2, 2011
living quarters, galley, and college facilities which could function in support of the activity Canyon Supply & Logistics, LLC expects to perform at the wharf area.
U.S. Naval Station Ingleside was designated for closure under the Base Realignment and Closure Act of 2005 resulting in the departure of the Navy on April 30, 2010. On that date, ownership of the base reverted to the Port of Corpus Christi Authority. The U.S. Naval Station Ingleside encompasses 483 acres with more than 70 state-of-the-art buildings, including: warehouse facilities, office and administrative offices, barracks, fitness and recreation facilities, a capital-class pier and wharf area, and much more. The Port has also included 435 acres of green field property bordering the base to be incorporated in the development project.
About Port Corpus Christi
The primary economic engine of the Coastal Bend, Port Corpus Christi is one of the 10 largest ports in the United States in total tonnage. The Port’s mission statement is to “serve as a regional economic development catalyst while protecting and enhancing its existing industrial base and simultaneously working to diversify its international maritime cargo business.” Strategically located on the western Gulf of Mexico, with a straight, 45’ deep channel, the Port provides quick access to the Gulf and the entire United States inland waterway system. The Port delivers outstanding access to overland transportation with on-site and direct connections to three Class-1 railroads and uncongested interstate and state highways. The Port is protected by a state-of-the-art security department and an award-winning Environmental Management System. With outstanding management and operations staff, Port Corpus Christi is clearly “More Than You Can Sea.”
Source: portofcc, May 3, 2011;