State grant keeps trucking company in New Jersey

Transportation equipment company TRAC Intermodal will be consolidating its headquarters in Plainsboro with the help of a New Jersey Economic Development Authority grant, according to a published report.The Times of Trenton reported Tuesday that TRAC Intermodal would be relocating to 82,283 square feet of space at 750 College Road East in the township, from facilities at 211 College Road East in Plainsboro and 2 Independence Way in South Brunswick.

The company, which provides freight-moving equipment and chassis leasing, received $9.8 million in tax credits over 10 years from the state as part of the Grow NJ program, records show.

“It’s not so much what the grant does for us, but it’s a win-win for everybody because we stay here and keep our employees in New Jersey and our state gets tax revenue from that,” David Hamm, senior manager of communications at TRAC Intermodal, told The Times.

The grant kept the company from moving to Pennsylvania, Chief Legal Officer Gregg Carpene told The Times.

“We were looking for the best deal we could get — there are Bucks County areas where we could’ve established headquarters without too much inconvenience to certain people and more convenience to others,” he said. “The grant was a big factor in keeping us here.”

TRAC Intermodal signed a 10 year, 9 month lease for approximately $23 million, the report said. The company will be moving during the first quarter of 2015.

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