May 24 - The Port Corpus Christi Commission is moving forward with arrangements which anticipate the sale of former Navy property to Service Marine Group.

The purchase agreement will include 916 acres, including the decommissioned U.S. Naval Station Ingleside next to the Texas seaport.

Ingleside encompasses 576 acres with more than 70 buildings, including warehouses, offices, barracks and wharf area. In its negotiations with Service Marine Group, the port has included another 433 acres of green field property bordering the base. The purchase price of the 916 acres is set at USD111 million.

Service Marine Group's plans for the Ingleside facility is to develop a wind and offshore renewable energy technologies development and test centre. In addition, Service Marine will utilise the Ingleside facility to support its multiple business operations regarding activities that support the maintenance of, fifth generation dynamically positioned vessel technical repair (thrusters), modification and upgrade, deepwater subsea site integration testing and logistics base as well as evaluating the potential of supporting other deepwater vessels operating in the Gulf of Mexico.

If negotiations continue as planned, the purchase agreement could be ready to sign on July 20, the port commission said.

"The letter of agreement does not intend to limit PCCA's right to continue to market and/or sell the NSI (Naval Station Ingleside) to any other party," the commission added. "It only memorialises the price and financing terms upon which the port would sell the Ingleside property to Service Marine Group LLC. Any sale of the property will be subject to a franchise agreement as a covenant running with the land."