Naval Station Ingleside Deal Cancelled
by: Andrew Schneider, January 16, 2012 6:01:00 pm
Port commissioners held a special meeting to rescind the contract with Canyon, after the Houston firm failed to provide a required $19 million down payment.
Canyon missed two deadlines to provide the down payment toward the proposed $66 million offshore facility. The most recent deadline passed January 9.
The Port of Corpus Christi will now send a formal letter of default to Canyon. It will keep Canyon’s initial $1 million nonrefundable payment and attempt to find other buyers.
Commissioners in November approved selling 187 acres for a complex to be called Canyon Port, similar to one at Port Fourchon, Louisiana.
Canyon CEO Larry Ramming blamed delays on international banks and said he hopes to still do the deal.