Packard Plant bidder misses deadline to pay his full bid amount
3:46 PM, Nov 4, 2013
7:53 PM, Nov 4, 2013
(WXYZ) - Bill Hults, the second bidder on the Packard Plant, failed to meet the Wayne County treasurer's deadline for paying the rest of his full $2,003,000 bid for the property on Monday.
Instead, he proposed paying an additional $300,000 to his $100,000 deposit, promising to deliver the full amount by noon on November 12.
Wayne County Treasurer Raymond J. Wojtowicz accepted the extension on Monday.
"We seek to secure the best purchase price we can and believe this arrangement protects our interests while allowing for plans to proceed to develop what has been a blight on the eastside for decades. We are hopeful work on the Packard Plant can begin soon," said Treasurer Wojtowicz.
However, late Monday, no payment was received and we're told the treasurer will review the options tomorrow.
Last week, Hults missed the deadline for his $100,000 deposit by several hours.
Hults won the auction after the highest bidder failed to make good on their bid. Dr. Jill Van Horn had originally bid $6,038,000 for the Packard Plant.