Houston property will be sold to fund city budget gap

City government to close budget gap with property saleAn abandoned gas station and a public works building will be sold by the city of Houston to help bridge a $54 million gap in the municipal budget, according to the Houston Chronicle.

The newspaper notes that any potential deal will have to be done by June 30 in order to avoid a further dip into the city's savings, which are not as extensive as they once were.

Other remedies are also under consideration, city controller Robert Green told the Chronicle.

"The only thing we will be able to do is cut expenses, which will mean cuts in services, or talk about other revenue sources. The public wants to make sure we've cut as far as we can before we look for other revenue sources. It's a tough time, and I think we're cognizant of that," he said.

Savvy property investors with a creative plan for either of the Houston properties under discussion could realize significant savings if the city government wants to sell badly enough, experts say.

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