Tennelle Inc. (Raymond Guidry) purchased 58,500 sq. ft. of land that TCEDC received from the Texas City Terminal Railroad (TCTRR) located at the corner of 1^th Street S and Texas Ave at a price of $ 2.50 a sq. ft. Mr. Guidry traded 42,750 sq. ft. of property that Tennelle Inc. owned to the TCEDC at price of $ 2.50 a sq. ft. This left 15,750 sq. ft. valued at $ 2.50 a sq. ft. Tennelle paid $ 39,375.00 to complete the land purchase. It is proposed that the TCEDC ratifies these actions.