Company makes $1M payment for former Navy site

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Associated Press

Posted on May 17, 2011 at 7:11 AM

CORPUS CHRISTI, Texas—A Houston company has made a $1 million down payment as it plans to redevelop ex-Naval Station Ingleside.

Canyon Supply and Logistics seeks to create an offshore oil service complex at the former Corpus Christi-area military installation at a cost of nearly $76 million.

CEO Larry Ramming said Monday that Canyon paid the money May 9, in advance of the May 13 deadline, to show that the company is ready to do business. The rest of the down payment, $24 million, is due Sept. 15.

Port of Corpus Christi commissioners on May 2 approved the sales agreement for the redevelopment, which could lead to more than 2,500 jobs. The site would be similar to an offshore oil service complex at Port Fourchon, La.

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