Daily Business Report — March 20, 2012
MOST TRUSTED BRANDS
Nominations are being sought for San Diego’s Most Trusted Brands — companies, organizations or institutions that have earned the trust and loyalty of their constituencies by adhering to high standards of professionalism, integrity and accountability. SD METRO will publish the results in April. Send your nominations to: Rebeca Page (email@example.com) or Manny Cruz (firstname.lastname@example.org).
Analysis: Pension Measure Would Save $950 Million Over 30 Years
(City News Service) — A ballot initiative to overhaul the city’s debt-ridden pension system would save $950 million over the next 30 years, according to a fiscal analysis released Monday. The initiative, which will appear on the June 5 ballot as Proposition B, would give most new employees 401(k) retirement plans instead of enrolling them in the pension system. The exception would be new police officers, who would still receive pensions. If passed, the measure would also freeze for five years the amount of compensation that employees could use later to calculate their pensions, and limit it to base pay, not bonuses. Proposition B is backed by Mayor Jerry Sanders, Councilman Carl DeMaio and the San Diego County Taxpayers Association, who have projected savings of at least $1.2 million by lowering the amount the city needs to contribute to retirement payouts. They say the annual growth of the city’s contribution is taking up money that would otherwise by used for basic city services. The fiscal analysis, put together by the city’s auditor, independent budget analyst and mayor’s office, found that the freeze on pension-calculation salary would result in savings of $963 million over 30 years. However, the change to a 401(k) program would cost the city $13 million, for a total savings of $950 million. If adjusted for inflation, the net savings would be $525 million, according to the analysis. Proposition B is strongly opposed by the leaders of the city’s employee unions, who object to exposing their members’ retirement prospects to the risks of the financial markets, compared to the relative safety of the pension system. They have long argued that the only savings would come from the pay freeze.
Affordable Apartment Project Opens Wednesday Downtown
Downtown San Diego’s first apartment project that combines affordable housing for low-income families with support services for seniors and adults with special needs will have its grand opening on Wednesday. The Cedar Gateway Multifamily Apartments at 550 Cedar St. offers 42 units for low-income families and 23 units for those with special needs. More than 60 percent of the apartments are two- and three-bedroom units. Appearing at the grand opening at 10:30 a.m. will be Mayor Jerry Sanders and other city officials; Gary Squier, president of Squier Properties; and Robert Emami, president of ROEM Corp. The $33 million project was built through a collaboration between the Centre City Development Corp., ROEM Corp. and Squier Properties. The city owns the site and has a long-term ground lease with the developer.
Tribal Government Center Nears Completion
KCM Group has reached the final phase of construction for the new $4.6 million Tribal Government Center Complex for the Sycuan Band of Kumeyaay Indians. The project includes two buildings totaling 15,000 square feet that will house the Tribal Council offices, Tribal Council Chambers, legal and administrative offices and offices for tribal development, accounting and support services. The current government building is being demolished to make way for a road and infrastructure upgrade on the East County reservation. The new center is expected to be ready for occupancy this spring.
SAIC Awarded Naval Contract Valued at $72 Million
Science Applications International Corp. has been awarded a contract with a potential value of $72 million by the U.S. Space and Naval Warfare Systems Center Pacific for a range of systems engineering and software development work to be performed primarily in San Diego. The work is to support ocean surveillance systems. SAIC is one of five contractors that will compete for task orders under the contract.
College Foundation Board Adds Three New Members
Three professional financial planners — including a former NFL football star and the leader of an economics program at Cuyamaca College — have joined the board of the Foundation for Grossmont and Cuyamaca College. The foundation raises money for scholarships, facilities and college programs. The new members, serving three-year terms, are: • Paul W. Botte, founder and partner of Petix & Botte Financial. Botte is a certified financial planner with 27 years of experience in the financial services industry. • Brad Daluiso, a financial adviser and financial planning specialist with the Scott Group at Morgan Stanley Smith Barney. Daluiso was a place kicker in the NFL for 10 years, retiring in 2001 as the New York Giants’ all-time most accurate kicker and the second leading scorer of all time in the team’s history. • Guy Gonzales, a financial adviser with Waddell & Reed Inc., specializing in helping individuals and businesses map out a plan for their financial goals. Gonzales has had a financial advisory practice since 1999. • Anthony Zambelli, director of the San Diego Center for Economic Education at Cuyamaca College and an instructor in the Business and Professional Studies Department at the college.
Enterprise Rent-A-Car Signs $1.7 Million Lease in Pacific Beach
Enterprise Rent-A-Car Co. has signed a $1.7 million, 20-year ground lease for a 16,500-square-foot parcel at 2780 Garnet Ave. in Pacific Beach. Mark Brutten, chairman and founder of Westcore Properties, purchased the property from the Hildebrand Trust in 2011 and said Enterprise will start constructing site improvements that will be completed in September. such a strong tenant commit to this location.” Mike Moser of CBRE represented both Westcore Properties and Enterprise-Rent-A-Car in the transaction.
PERSONNEL MOVES ____________________________________
San Diego — Josh Rosenberg and Charod Williams will be joining XX 1090 AM as the new mid-day show hosts beginning March 26 from 10 a.m. to 2 p.m. Williams was a decorated scholastic athlete in football, attending the University of Rhode Island on a football scholarship. Charod started in radio in 2000 at WCTC 1450 AM, in New Jersey as a producer for economic, political and sports shows. Rosenberg has hosted a variety of shows throughout his 10 years in San Diego radio. He graduated from SDSU and has hosted Chargers post-game shows, Aztecs post-game shows, NFL draft shows, and has been a part of San Diego Padres broadcasts as well.
Small Business Workshops
Helping startup and established small businesses throughout San Diego and Imperial counties prosper, SCORE San Diego continues its series of low-cost workshops. Workshop fees range from $29 to $109, depending on the program. For more information, call (619) 557-7272.
March 21 – Business Plan 201: How to Write a Winning Business Plan – 9 a.m. to 3:30 p.m. at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $99, $109 at the door).
March 22 – Marketing & Contracting with Government Agencies & Major Primes – 9 a.m. to 3 p.m. at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
March 22 – Business Basics 101 – 1:30 to 3:30 p.m. at SCORE Entrepreneur Center (550 West C. St., #550, San Diego 92101; No charge – please pre-register).
March 23 – Hiring and Managing Employees – 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).
March 26 – Leasing Strategies – 9 a.m. to noon at National University – Carlsbad (705 Palomar Airport Rd., Carlsbad 92011; pre-paid registration $49, $59 at the door).
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. email@example.com.