Port Commissioners Clear the Way Naval Station Ingleside Sale
INGLESIDE (Kiii News) -
Another possible roadblock for the sale of the Naval Station Ingleside property has been removed.
On Wednesday, Corpus Christi Port commissioners agreed to pay a bankrupt Houston company, Canyon Supply and Logistics, $3.5 million to withdraw any and all claims to the property. It basically clears the way for the Port to finalize its $82 million agreement with Occidental Petroleum to purchase the former Navy base and some nearby property.
As you may remember, the Port canceled Canyon's contract to buy the property after the company failed to come up with the required down-payment. Canyon did pay $1 million in earnest money, but Wednesday's settlement effectively gives Canyon a $2.5 million profit.
Port Commissioner Judy Hawley calls that "pure extortion," but necessary to save the deal with Oxy. She said the settlement agreement is contingent upon the closing of that sale.