Wayne County working on payment timetable for Packard Plant sale

Wayne County still waiting on Chicago-based developer Bill Hults to hand over $2.3 million

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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."

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