Daily Business Report — Dec. 8, 2011
METRO Movers to Watch
SD Metro is soliciting nominations for our annual Metro Movers to Watch awards, which will be published in January. Send your nominations to Rebeca Page at firstname.lastname@example.org. Nominate a man or woman you believe will make outstanding contributions in San Diego County during the new year. Nominations will close on Dec. 22.
Appeals Court Upholds Water Transfer Agreement
California’s Third District Court of Appeal has reversed a lower court ruling that invalidated the water transfer agreement between the San Diego County Water Authority and the Imperial Irrigation District. Under the agreement, officially called the Quantification Settlement Agreement, or QSA, 80,000 acre-feet of water will be delivered this year to the San Diego region. Combined with 80,000 acre-feet of supplies conserved from the lining of the All American and Coachella Canals in the Imperial Valley, supplies from the QSA are providing 160,000 acre-feet of water to the region. “The Water Authority is very pleased with the Appellate Court ruling,” said Maureen Stapleton, general manager. “We were confident we would persevere and prevail.” By 2021, when the Water Authority-Imperial Irrigation District is fully implemented, the region will receive 280,000 acre-feet of water annually, including the canal lining supplies. The water transfer agreement has an initial term of 45 years, and the canal lining agreement has a term of 110 years.
Partnerships controlled by R&V Management Corp. have purchased 316 of the 464 units at the Missions at Rio Vista condominium project in Mission Valley for $77 million. The condos were sold in bulk to the partnerships, identified as The Missions I LP and The Missions II LP. R&V is a real estate firm that operates 7,000 residential units in San Diego County and more than 400 units now under construction.
Built in 1999, the 30-building property at 2242 Gill Village Way sits on a 15.75 acre parcel. The 316 rental units consist of 91-one bedroom, one-bath units, 202-two bedroom, two bath units, and 23-three bedroom, two bath units, with an average of 1,033 square feet per unit. The property was last sold in January 2006 for $135.5 million when a partnership headed by Del Mar Pacific Group purchased all 464 rental units with the intention of converting and selling each of the units individually as condominium homes. Del Mar Pacific was unable to move sufficient units to maintain their sales effort. A total of 148 units were sold individually during the condominium sales process. In 2007, Property Management & Development Corp. took full control of the ownership and operation of the community and has since operated the remaining 316 units as rentals. Cushman & Wakefield represented the seller of the property.
San Diego Law Library Renovation to be Saluted
San Diego Law Library will hold a dedication and time capsule ceremony on Dec. 13 to celebrate the renovation of the Downtown law library. The event will take place at 10 a.m. at 1105 Front St. Attending will be state Sen. Juan Vargas, Deputy County CAO Ron Lane, County General Services Director April Heinze, and Julia Craig Kelety, president of the Law Library Board of Trustees. Besides recognizing the $1.6 million donation by the Hervey Family Fund at the San Diego Foundation in the name of the Hon. Edgar B. Hervey, the law library will unveil a donor wall, honor key contributors to the renovation project and prepare a time capsule filled with symbolic elements representing the law library, the law and San Diego history. Completion of the renovation of the law library is scheduled for February. The official unveiling of the new building and law library rebranding will be at a black tie gala event on Feb. 25.
Physics students at Cal State San Marcos will bring scientific concepts to life at the third annual Robot Expo on Dec. 16 on the San Marcos campus. The free event will be held from 10 a.m. to 2 p.m. at the M. Gordon Clarke Field House at the corner of Campus Way and Campus View Drive. Demonstrating the practical application of physics, the Robot Expo showcases original robots constructed by teams of physics and computer science students who are tasked with the assignment of designing and programming a micro-system. At the expo, a panel of judges will evaluate each robot on its ability to function as designed as well as the students’ ability to communicate the technical processes the robot undergoes to perform those tasks. Among the robots being unveiled at this year’s expo is PatrolBot, which detects motion and chases away intruders, and the ToroBot, which can, like a bull, recognize and chase after specific colors. Physics demonstrations and interactive activity stations, hosted by the Society of Physics Students also will be offered at the event.
Small Business Workshops
SCORE San Diego continues its series of small business workshops. For more information, call (619) 557-7272 or visit score-sandiego.org.
Upcoming SCORE San Diego Workshops:
• Dec. 9 – Import/Export – 9 a.m. to 4 p.m. at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
• Dec. 10 – Introduction to Starting Your Own Business – 9 a.m. to 4:15 p.m. at National University – Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Dec. 12 – Business Basics 101 – 9 a.m. to noon at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; No charge – please preregister to confirm space).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.