Budget Oil at 501 Oakland Avenue East could soon cease to exist.

City officials are hoping to buy the gas station as part of their flood mitigation program.

In a memo from City Engineer Jon Erichson to council members, Erichson said, “As part of the City of Austin’s flood mitigation program, the acquisition and removal of property located in the flood plain has and continues to be a major component in the Comprehensive Plan.”

The gas station, which is located within blocks of the Cedar River, had frequent flooding problems. While the owners have held off on selling the station until now, Erichson said they seem to be seriously interested in an offer.

The property was recently appraised at $293,000, which is what the city would offer for the acquisition. Funding would come from the local option sales tax and a DNR flood mitigation grant.

City Council took no formal action on the gas station buyout Monday night.