Deadline missed for Packard Plant funds

Deadline missed for Packard Plant funds, already-paid deposits to pay back taxes

Posted: Updated:
(WJBK) -

The Chicago developer has missed the extended deadline to pay the remaining funds on his $2 million bid for the former Detroit car plant. The Wayne County treasurer gave William Hults a one-week extension to come up with the remaining funds; that deadline expired today.

Hults has already produced $200,000 in nonrefundable deposits for the dilapidated Packard Plant, but has yet to produce the remaining $1.8 million.

Wayne County Chief Deputy Treasurer David Szymanski tells Fox 2's Ron Savage that $200,000 will go towards unpaid back taxes due on the property. "It will help go to the city of Detroit - to the zoo, to the arts, to all of the taxing authorities that are entitled to it, to the schools. It will help reimburse them for the costs of taxes that were not previously collected. If there's anything remaining after that it will go to Wayne County," Szymanski says.

VIDEO: Click more to learn about Hults in Savage's report

Hults wants to convert the 40-acre site into a commercial, residential and entertainment development.

A Texas doctor's $6 million top bid on the blighted property was thrown out last month after she missed a payment. The third-place bid came from Fernando Palazuelo, a developer in Peru.

  • Local NewsLocal NewsMore>>

  • VP Joe Biden speaks in Detroit on Labor Day

    VP Joe Biden speaks in Detroit on Labor Day

    Monday, September 1 2014 1:18 PM EDT2014-09-01 17:18:46 GMT
    This is the second time vice president Joe Biden has been in Detroit on Labor Day in the past three years.
    This is the second time vice president Joe Biden has been in Detroit on Labor Day in the past three years.
  • RECALL: Kraft American Singles Cheese Slices

    RECALL: Kraft American Singles Cheese Slices

    Monday, September 1 2014 8:05 AM EDT2014-09-01 12:05:15 GMT
    Kraft voluntarily recalled 7,691 cases of its American Singles cheese product Friday because an ingredient was stored improperly by a supplier.
    Kraft voluntarily recalled 7,691 cases of its American Singles cheese product Friday because an ingredient was stored improperly by a supplier.
  • Minimum wage hike launches this Labor Day

    Minimum wage hike launches this Labor Day

    Monday, September 1 2014 7:30 AM EDT2014-09-01 11:30:54 GMT
    Minimum wage workers across metro Detroit and the rest of the state are getting a small raise this Labor Day.
    Minimum wage workers across metro Detroit and the rest of the state are getting a small raise this Labor Day.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices