The Port Corpus Christi Commission voted unanimous to move forward with negotiations to sell the recently acquired Ingleside Facility (formally known as U.S. Naval Station Ingleside) to Corpus Development, L.P., for a base purchase price of One Hundred Ten Million ($110,000,000.00) Dollars. The announcement took place at the monthly Port Corpus Christi Commission meeting, Tuesday, August 10, 2010. “Due to the tremendous impact this development will generate for the City of Ingleside and the region, the Commissioners carefully studied all potential candidates and determined that Corpus Development, L.P. has the best qualifications of all to move forward with the redevelopment of the facility.” said Mike Carrell, Chairman, Port Commission.

As part of the venture, Corpus Development, L.P., proposes to pay Port Corpus Christi an overall purchase price of one hundred ten million ($110,000,000.00) dollars. The sum will be paid thirty six million ($36,000,000) dollars at closing and the balance of seventy four million ($74,000,000) dollars in quarterly payments for a period of ten (10) years. In addition, Corpus Development, L.P., will deposit five million dollar ($5,000,000) in earnest money within 30 days. Fifty thousand dollars ($50,000.00) of the earnest money will become non-refundable after sixty (60) days of the acceptance of the offer, and an additional two hundred thousand dollars ($200,000.00) non-refundable after ninety days (90). The Port Commissioners authorized staff to continue negotiations and to have a definitive agreement ready to be signed at the next Port Commission meeting scheduled for September 14, 2010.

The redevelopment of the Port’s Ingleside Facility created lots of interest from investors and developers not only from the United States but from around the world. Corpus Development, L.P., was one of three finalists which completed all the requirements necessary to justify the contract. The other companies that made the short list were: Apex Investment Group, Inc., a Texas corporation headquartered in Houston, which owns a consortium of companies; providing business consulting, energy solutions, insurance, and financial services, information and technology, logistics to the U.S. military at home and abroad, and manufacturing and real estate investments. Service Marine Group, LLC, formed by three highly experienced energy professionals. It supports options to the expanding deepwater drilling sector in the Gulf of Mexico. The company wanted to move forward with the development of the outlined vision by the Port and the Texas A&M University System.

Corpus Development, L.P., is headed by the Master Developer of Live Oak Preserve; an extraordinary 1800-acre, $1.1 billion residential and recreational community planned on property owned and controlled by Corpus Development adjacent to the former Naval Base. The Venture’s interest in acquiring the base is to complement the development of the Live Oak Preserve.

The former U.S. Naval Station Ingleside (NSI) has been designated for closure under the Base Realignment and Closure (BRAC) Act of 2005 resulting in the departure of the Navy by April 30, 2010. Ownership of the base reverted to the Port of Corpus Christi Authority (POCCA) on that date. Anticipating the reversion, the Port entered into an agreement with the Texas A&M University System (TAMUS) to serve as the Master Developer for the redevelopment of NSI. The facility currently 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.

POCCA has also included 433 acres of green field property bordering the base to be incorporated in the development project to help attract new investment. 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.”