Daily Business Report — Aug. 11, 2011
Small Business Administration loans approved for commercial real estate purchases in San Diego are up slightly over last year, but the total dollars in financing issued is down, according to CDC Small Business Finance. Through 10 months of the Small Business Administration’s 2011 fiscal year, 99 SBA-504 loans were approved in San Diego/Imperial counties, providing small businesses with $125 million in financing to purchase commercial/industrial buildings. For the same period in FY10, 96 SBA-504 loans were approved, providing $164 million in capital. CDC attributed the drop-off in capital primarily to declining property values. More than 700 jobs are projected to be created in San Diego and Imperial counties as a result of SBA-504 financing approved in the last 10 months. CDC Small Business Finance approved the majority of these loans — 79 of the 99 SBA-504 loans in San Diego/Imperial counties from Oct. 2010 through July 2011. Wells Fargo, Chase Bank and California Bank &Trust all booked 10 SBA-504 loans during the 10-month period. The 504 loan program was created by the SBA for the specific purpose of financing long-term fixed assets such as commercial real estate and equipment with economic life of 10 years or greater.
What’s an innovation economy?
Answer: Any economy that works.
Actually, the better answer can be found during a Sept. 1-2 national conference being hosted by the Urban Land Institute San Diego/Tijuana District Council. Through multiple panel discussions, the conference will establish a national forum on the best ideas and most successful techniques for growing innovation economies. The conference will be held at the Hilton San Diego Bayfront. Sept. 1 is an invitation-only Mayor’s Forum featuring mayors from around the country discussing their specific regions.
Panel discussions are scheduled for Sept. 2. Conference chair David Malmuth of David Malmuth Development will give an introduction at 8:15 a.m. Panel topics will include “Great Public Spaces as Economic Drivers,” “Growing Talent — Integrating Arts into Education,” “Creative Placemaking” and “The I.D.E.A. District as an Economic Engine,” among others.
Cost to attend is $100 for ULI members and $150 for nonmembers. Register by calling (800) 321-5011or visiting ulisd.org.
Autosplice Purchased by its Managers and Private Equity Firm
Autosplice of San Diego, a company that manufactures electronic connector products for a variety of industries, has been acquired by a Connecticut private equity firm — J.H. Whitney Capital Partners — and the management team of the company. “As I leave the company, I feel very confident about the future of Autosplice as J. H. Whitney partners with management as the new owners of the company,” said Irwin Zahn, founder of Autosplice. The firm announced that the Autosplice name will be kept, day-to-day operations will remain in their current locations and the Autosplice management team will remain. “As the electrical interconnect market continues to evolve, this partnership affirms our commitment to remaining at the forefront of the industry and delivering high quality specialty solutions to our customers around the world,” said Adrian Melnyk, president of Autosplice. Financial terms of the acquisition were not disclosed.
Raytheon Co. Receives $32.2 Million Navy Contract
Raytheon Co. has been awarded a $32.2 million U.S. Navy contract for the Global Positioning System-based Positioning, Navigation and Timing Service program for Navy surface and subsurface platforms. Work on the contract will be performed at Raytheon IDS Expeditionary Warfare Center in San Diego and the Argon ST facility in Fairfax, Va.
Cortez Hill Family Center Addition Gets Occupancy Permit
The YWCA-operated Cortez Hill Family Center, a facility for homeless families, has received its final occupancy permit for a $4.1 million, 6,000-square-foot addition that increased the building’s size to 25,000 square feet. The project included construction of multi-purpose rooms and office space, food preparation and dining facilities along with installation of security features and landscape. “CCDC (Centre City Development Corp.) is fully committed to meeting the needs of all of San Diego’s Downtown residents,” said CCDC Board Chair Kim Kilkenny. “The Cortez Hill Family Center provides comprehensive services to a population that needs support toward self-sufficiency.” The Cortez Hill Family Center site, which has a 150-client capacity, offers a temporary, 120-day, safe haven and important resources. While at the center, parents receive case management services, counseling, medical care, legal and job placement assistance. Their children attend local public schools. Nearly 60 percent of Cortez Hill Family Center residents find permanent housing upon completing the program. Funding for the project came from the city of San Diego Redevelopment Agency (nearly $3.4 million), Community Development Block Grant allocations ($287,000), private donations ($270,000), and dollars saved during the first phase of the site’s rehabilitation.
Port Panel Approves North Embarcadero Contract
The Board of Port Commissioners has approved a $1.7 million contract with Arcadis US Inc. for construction and management services for the first phase of the North Embarcadero Visionary Plan. The first phase of the plan incorporates an area from the Navy Pier north to the B Street Pier, as well as a portion of West Broadway, from North Harbor Drive east to just beyond Pacific Highway. The cost of Phase I is $28.6 million. The Visionary Plan is a joint project of the Port of San Diego, Centre City Development Corp. and the city of San Diego. It is meant to enliven North Harbor Drive, from the G Street Mole to Laurel Street, with widened esplanades, public gathering spaces, enhanced landscaping, public art and improved roadways. Arcadis US is a Colorado construction management firm with an office in San Diego. It is one of four finalists bidding for the construction administrator contract. Later this week, the Port of San Diego will begin advertising for bids for the project’s construction. Aconstruction contract will be awarded at a special Board of Port Commissioners meeting scheduled in late October.
Small Business Workshops
• Aug. 12 Import/Export 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Aug. 13 QuickBooks Basic 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Aug. 15 Business Basics 101 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; no charge please pre-register).
• Aug 16 Legal Issues for Small Business: Organizational Structure 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
• Aug. 17 Internet Marketing 304: Cost-Effective Internet Marketing Tools 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• Aug. 18 Good Governance for Nonprofits: Effective Board Performance 9 to 11:30 a.m. at The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• Aug. 19 Financial Statements: What They Mean, How to Use Them 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 20 Business Plan 201: How to Write a Winning Business Plan 9 a.m. to 3:30 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $99, $109 at the door).
• Aug. 20 Introduction to Starting Your Own Business 9 a.m. to 4:15 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Aug. 23 Financing Your Business 9:30 a.m. to 12:30 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door)
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News, Kensington News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.