DETROIT - Wayne County Treasurer Ray Wojtowicz has been presented a timetable from Chicago developer Bill Hults for his payment on the Packard Plant.
The county says Hults indicated he would be handing over $200,000 by now to put toward the full $2,300,000 he will pay to purchase the decaying auto plant in Detroit.
The county received $100,000 from Hults on Friday and is expecting to receive another $100,000 soon.
"We are working with the bidder to consummate the sale and hope for a successful resolution. As always we hope for the best but are prepared should this bidder not perform as required," said Treasurer Wojtowicz. "I hope the public understands that with a transaction as massive as this, patience is sometimes required."
Hults and the county continue to work on a timetable for completion of the payment.
A Texas investment group originally won the bid for the site, planning to pay about $6 million for it. Wayne County leaders canceled that deal because of "failure to perform."
Copyright 2013 by ClickOnDetroit.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.