In addition, Holt Logistics Corp announced a $15,000 donation to Gloucester City to again sponsor the community’s July 4th fireworks show. This is the second year that Holt and Gloucester City are cooperating in assisting in this community service. The fireworks will be held on July 3rd at dusk at Gloucester City High School.
Holt officials were on hand to present a ceremonial check to pay off the Urban Development Action Grant program (UDAG) loan administered by the federal Department of Housing and Urban Development (HUD).
“In the case of the Gloucester Marine Terminal, the grant has been a ringing success for Gloucester City and for the many men and women who have worked there over the years,” said Leo Holt, president of Holt Logistics Corp. “The beauty of the UDAG program is that it now provides a fund for the community to use to invest in small business and growth opportunities.”
Holt Logistics initially borrowed $3.6 million through the UDAG program in 1984 and borrowed $2 million more later that year.
The way the program worked is that HUD granted funds to a community that qualified for them, with the community loaning the money at commercial rates to developers. In the course of the loan’s life, Gloucester City worked cooperatively with the Holt Family, the developer of the Gloucester marine Terminal, many times -- through periods of growth, as well as difficult economic times.
“Cooperation with the many businesses in our hard-working community shows that Gloucester City is growing, even in these difficult economic times. The progress throughout the City, including the excitement surrounding the Freedom Pier development, shows that investment in ourselves brings sustainable jobs and a livable community atmosphere to our citizens,” said Gloucester City Mayor William James.
Today's final payment represents the end of a program that garnered nearly $6 million in grants and interest payments of almost $7 million.
The Gloucester Marine Terminal has the largest refrigerated capacity of any marine terminal in the United States. It is 123 acres in size, has four deep water berths and 12 dry/heated warehouses with more than 1,000,000 square feet of space and 13 reefer/frozen warehouses with 15 million cubic feet of space.
