Deadline missed for Packard Plant funds - FOX 32 News Chicago

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

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(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.

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