Packard Plant Update - 2/12/2021

Posted by RogerDetroit On 2021/2/12 16:01:26

Crain’s Detroit Business Journal
February 12, 2021

Packard Plant owner said he would pay hundreds of thousands in late taxes by end of 2020. He hasn't.

• Packard Plant owner's promise to pay some late taxes by end of 2020 goes unfulfilled.
• Fernando Palazuelo now owes more than double ($821,426) what he paid for the plant in 2013.
• He says he is "making arrangements" on ensuring balances are paid.

Packard Plant owner Fernando Palazuelo hasn't made good on a claim he made in October that he would pay at least $200,000 in back-due property taxes by the end of 2020.

In fact, he actually owes more today than he did at that time as the historic but dilapidated 40-acre property with 3.2 million square feet of Albert Kahn-designed space teeters toward foreclosure.

A little over four months ago, the developer, now living in Peru, owed $774,723 in back taxes and unpaid Detroit Water and Sewerage Department bills and Palazuelo said he would pay a substantial portion of that by year's end.

Today, he owes $821,426, according to data Crain's compiled Wednesday using the Wayne County Treasurer's Office website. That $47,702 increase is likely attributed to interest and late penalties.

Complete article is here:https://www.crainsdetroit.com/real-estate/packard-plant-owner-said-he-would-pay-hundreds-thousands-late-taxes-end-2020-he-hasnt?utm_source=crain-s-breaking-news-alert&utm_medium=email&utm_campaign=20210212&utm_content=hero-readmore