Daily Business Report — April 10, 2012
Nominations are now open for SD METRO’s annual 40 Under 40 Awards recognition program. Nominate a man or woman you think has made outstanding contributions to his or her profession, industry or to San Diego County as a whole. We will announce the winners in September. Either fill out the nomination form at sandiegometro.com or send your nomination to firstname.lastname@example.org. Better get crackin’!
City to Issue Bonds to Fund Street, Infrastructure Projects
The city of San Diego will go to the bond market to fund street-resurfacing projects and repairs to libraries, fire stations and storm drains, the City Council decided Monday. The council set a ceiling on the bond issue of $80 million, around $75 million of which is expected to be spent. Nearly $30.6 million would be used to repave 60 miles of roadways, with the rest going to a variety of projects. The list includes repairs to fire stations in City Heights and Hillcrest; libraries in San Ysidro and the Skyline neighborhood; buildings in Balboa Park; the sea wall at Mission Beach; the City Administration Building; and storm drains and street lights throughout the city. Money will also be spent on making municipal facilities more compliant with the Americans with Disabilities Act. According to a report by city staff, annual debt service on the bond will be around $3 million, to a total of $145 million. The city has a backlog of about $800 million in capital projects. — City News Service
Gray Development Gets Loan for Blue Sky Project Downtown
Stratford Land of Dallas has provided a $10 million loan to Gray Development to support is development plans for Blue Sky, a 440-unit multi-family project that will occupy a full city block in Downtown San Diego. The loan from Stratford Land provides the developer a bridge to construction financing for the project, which has a late 2012 target date for initiation of construction. Gray Development has owned the land since 2004.
Commissioners to Consider Port Projects
San Diego Port commissioners will consider proposed improvements to San Diego’s Broadway Pier and receive updates on the proposed expansion of the Hilton San Diego Bayfront Hotel and the planned development project for the Chula Vista Bayfront at its monthly meeting today at 1 p.m. at the Port Administration Building, 3165 Pacific Highway in San Diego. Representatives of One Park Boulevard LLC, owner and operator of the Hilton San Diego Bayfront Hotel, will present a proposal to expand the hotel, adding up to 500 guest rooms, a fitness/spa facility as well as a ballroom and meeting space. The Port is currently processing an Environmental Impact Report for the proposed Hilton expansion and San Diego Convention Center projects. The draft EIR is anticipated to be circulated for public comment early this summer and finalized before the fall. The historic Broadway Pier may be getting a make over — if approved by commissioners. Planned improvements include additional lighting, flag poles, benches with planter boxes, table seating at the end of the pier and bronze markers charting the history of the pier which was built in 1913. Also planned are movable lounge seating inspired by rail carts, movable bleacher seating for event viewing, movable umbrella lounge seating and historic maps of San Diego Bay that chronicle the bay’s history. The improvements will tie in with the North Embarcadero improvements that are underway.
Port staff will update commissioners on the proposed financing agreement for the Chula Vista Bayfront Master Plan project and the next steps towards implementing the development. The project will enhance and revitalize an underutilized waterfront area in the city of Chula Vista with commercial development opportunities, new residential uses and public amenities. The project is expected to go before the California Coastal Commission for approval in July.
SD Electronics to Relocate to Roselle Technology Park
SD Electronics Inc. has signed a two-year, $120,000 lease for 7,315 square feet in the Roselle Technology Park in the Sorrento Valley Area. The lease represents an expansion and relocation for SD Electronics, which outgrew its prior location on Pacific Heights Boulevard. The company required more warehouse space for its distribution and online sales of electronics components. Roselle Technology Park, located at 10788 Roselle St., is a three-building industrial park acquired by Westcore Properties in 1995. The park is 96 percent leased. In the transaction, Andy Irwin and Dean Asaro of Cassidy Turley represented Wescore Properties. Irwin also represented SD Electronics.
PERSONNEL MOVES ____________________________________
San Diego — John Schierer has been promoted to corporate vice president of human resources at Cubic Corp. He replaces Bernie Kulchin, who has held the position since 1999 and is retiring. Schierer joined Cubic in September 2011. He has more than 25 years experience as a senior human resources executive. Before joining Cubic, he was vice president of human resources at Cobham Sensor Systems, a manufacturer of microwave devices. Prior to that, he was vice president of human resources at Kyocera America and at Thomas & Betts Corp.
SCORE Small Business Workshops
• April 11 – 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).
• April 12 – Legal Issues for Small Business – Contracts and Leases – 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).
• April 13 – Internet Marketing 303 – Social Media for Small Businesses – 9 a.m. to noon at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door).
• April 14 – Business Plan 101: How to Develop Your Best Competitive Advantage – 9 a.m. to 3 p.m. at National University – Carlsbad (705 Palomar Airport Rd., Carlsbad 92011; pre-paid registration $79, $89 at the door).
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. email@example.com.