Packard Plant bidder gets extension to come up with funds

Wayne County says Bill Hults has to pay nonrefundable deposit, pay in full by Monday

By Halston Herrera - Digital news editor

DETROIT - Wayne County is giving the latest person who wants to buy the old Packard Plant in Detroit a little bit more time to come up with the money.

County Deputy Treasurer David Szymanski originally said Chicago-investor Bill Hults had until the end of business on Thursday to make good on his $2,003,000 winning bid for the site. But, Szymanski said, the county is making a "limited accommodation" by having Hults pay a nonrefundable $100,000 deposit and will provide proof to the treasurer that additional funds covering the remaining portion of the bid are available and ready for transfer by Friday at 3 p.m.

The balance then is due by 3 p.m. on Monday.

Hults wasn't the top bidder. The deal first went to Dr. Jill Van Horn, of Ennis, Texas, for $6 million. It was canceled when Van Horn failed to meet the pay deadline set by the county.

Story: Deal with Texas group for Packard Plant canceled

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