Property that is surplus to the City's needs is processed for bid sale in accordance with the Local Government Code and the Houston Code of Ordinances. The property cannot be sold for less than the appraised fair market value. Bid sales are held periodically and are based on various factors, including market conditions, inquiries about the property, and the ability to recapture the City's investment in the property.
None of the bids met or exceeded the reserve price sought by the City. Therefore, the City has decided to reject all bids, as set forth in Section 3.01 of the Bid Specifications.
