CNBNEWS.NET-This week Holt Logistics, a shipping company located in Gloucester City NJ made its final payment on the UDAG monies it borrowed in the 1980‘s. The funds, issued by HUD, were used to construct the Gloucester Marine Terminal, King and Essex Streets.
Leo Holt, (photo) president of the company, released the following statement explaining the program.
“The UDAG or Urban Development Action Grant Program was created nationally and administered by the US Housing and Urban Development Agency. It is a program that has delivered many billions of dollars in community investment. In the case of the Gloucester Marine Terminal the grant has been a ringing success for Gloucester City and for the the many men and women who have worked there for the last 45 years.
“In January of 1984 Tom Holt's companies borrowed $3.6 Million through the program and in August of that same year a further $2 Million. The way the program worked is that the US HUD granted funds to a community that qualified then that community loaned the money at commercial rates to a developer.
“In the course of the life of the loan Gloucester City worked cooperatively with the developer many times, through periods of growth and through tough times in the economy. Today's final payment represents a the end of a program that garnered nearly $6 Million in grant and interest payments of almost $7 million. The UDAG program provides a fund for the community to use to invest in small business and growth opportunities.”
Accepting the ceremonial check are: (L to R) Leo Holt, Michael Holt, Gloucester City Councilman John Hutchinson, Gloucester City Mayor William James, Holt Logistics CFO Bill Streich, Gloucester City Administrator Jack Lipsett