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Fri November 8, 2013
Next Packard Plant bidder has another week to come up with the money
DETROIT (AP) — The Wayne County treasurer has given a Chicago developer a one-week deadline to come up with the remaining funds on his $2 million bid for a sprawling former Detroit car plant.
William Hults has produced $200,000 in nonrefundable deposits for the dilapidated auto factory, but has yet to produce the remaining $1.8 million.
The treasurer's office says Hults has until Nov. 15 to pay up.
Hults wants to convert the site into a commercial, residential and entertainment development.
A Texas doctor's $6 million top bid on the blighted property was thrown out last month after she missed a payment.
The No. 3 bid is from Fernando Palazuelo of Peru.