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Corpus Christi sign sale agreement for Ingleside

May 3 - Further to our news item from March 10, the Port Corpus Christi Commissioners have 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 USD75,831,604.00. As part of the sales agreement, Canyon Supply & Logistics, LLC has 10 business days to deposit USD1 million of earnest money. Canyon will have until September 15, 2011 to complete all its feasibility studies, surveys, due diligences, to present a down payment of USD24 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 finalise the sale of former U.S. Naval Station Ingleside. We are confident they fit the model of the master development plan for the facility," saidMike 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 offshore logistics for the oil and gas industry and anticipates providing 2,500 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 centre of the base property.

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