In the ongoing negotiations to dump the foreclosed Packard Plant onto a buyer, Wayne County just entered round 947. With today's payment of $300,000, would-be buyer Bill Hults is not officially all paid up, but he remains in the game. (Despite the odds, and all reason). After a previous bidder defaulted, Wayne County approached The Hults about buying the dilapidated "opportunity" for development for $1,900,300. On Friday, we were told his deadline to pay up was today. That means he still needs $1,600,300. How much longer will this drag out? Yet another extension? C'mon Wayne County. The phrase you are looking for is, "show me the money." The Wayne County Chief Deputy Treasurer has set the new deadline as November 12.
UPDATE November 5th: See here.
· The Hults Must Cough Up $1.9M TODAY To Buy Packard Plant [Curbed Detroit]
· Packard buyer expected to make additional payment of $300,000 today [Crain's]