The approved sales agreement is for 185.5 acres for approximately $66 million dollars, subject to appraisal modifications. To seal the agreement, Canyon agreed on a $20 million dollar down payment with a nonrefundable $1 million payment today. The balance of $19 million will be due on December 20, 2011. The remaining balance will be paid in a promissory note of $46 million over the next ten years and includes a balloon payment of $20 million at the end. “Port Commission and Staff are look forward to working with Canyon Supply and Logistics, LLC, to complete the sale of the former U.S. 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, LLC, 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 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 U.S. Naval Station Ingleside property encompasses 483 acres with more than 70 state-of-the-art 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.
