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Daily Business Report — June 15, 2012

San Diego County Adds 6,400 Non-Farm Jobs in May
Employment up 13,400 over the year

Jobless rate unchanged from April

Between April and May, total nonfarm employment in the county increased from 1,240,000 to 1,246,400, a gain of 6,400 jobs, the state Employment Development Department reported. Agricultural employment gained 400 jobs, or 4.0 percent. The unemployment rate was 8.8 percent in May, unchanged from a revised 8.8 percent in April, and below the year-ago estimate of 9.8 percent. This compares with an unadjusted unemployment rate of 10.4 percent for California and 7.9 percent for the nation during the same period. Construction reported the greatest month-over gain, adding 1,500 jobs. The year-to-year gain in jobs amounted to 1.1 percent.

Power Companies Expect Sunrise Powerlink to
Provide Big Boost During Hot Summer Months

San Diego Gas & Electric and the agency that oversees the distribution of electricity in California say enough power is lined up for the hot summer months despite the loss of the nuclear power plant at San Onofre, due in large part to the upcoming opening of the Sunrise Powerlink. SDG&E President Mike Niggli said the transmission line, which will carry electricity from the Imperial County desert into San Diego and southern Orange County, could be energized as soon as this weekend. “It is just in time,” Niggli said. “This is a very, very big step for San Diego in terms of ensuring a reliable power supply.” The major transmission line will have a capacity of 800 megawatts, nearly double SDG&E’s share of the energy produced by the San Onofre Nuclear Generating Station, which has been shut down since a leak was detected in a tube in Unit 3 on Jan. 31. Unit 2 was already off-line for planned maintenance. The plant is likely to be shut down through August, according to its majority owner and operator, Southern California Edison. SDG&E owns 20 percent of the plant and receives one-fifth of the power it creates.

Eric Schmitt, vice president of operations for the California Independent System Operator, said temperatures in July and August are expected to be slightly above normal, so customers could be called on to conserve their power use. — City News Service

Scripps Research Institute in Five-Year
Collaboration With Bristol-Myers Squibb

The Scripps Research Institute has entered into a five-year collaboration with Bristol-Myers Squibb Co. focused on applying novel chemistry to drug discovery and synthesis. The collaboration will center on projects of mutual interest to Bristol-Myers Squibb and a number of Scripps Research chemistry laboratories. Scripps Research investigators and senior scientists from Bristol-Myers Squibb collaborated to develop research plans incorporated into the new agreement. In broad terms, the research will utilize Scripps Research investigators’ expertise in applying chemistry methodologies to prepare novel synthetic intermediates and analogs for biological evaluation against Bristol-Myers Squibb targets. “This agreement …serves as a great example of how we will engage corporate partners in both understanding and treating disease,” said Scripps Research President and CEO Michael A. Marletta. “I look with anticipation to the outcome of this multi-lab collaboration.”

Coastal Commission Approves Permit
to Dismantle South Bay Power Plant

The California Coastal Commission has unanimously approved a coastal development permit for the demolition of the South Bay Power Plant in Chula Vista. The action sets the stage for the issuance of a demolition permit by the Chula Vista City Council. Demolition activities are expected to take about 12 months, beginning in late 2012. The project is expected to generate about 21,000 tons of recyclable metals, including iron, steel, aluminum and copper. It may also generate up to 3,400 tons of other non-hazardous waste, such as wood or plastic, which will be recycled and salvaged when feasible. Ann Moore, Chula Vista’s representative on the Board of Port Commissioners, said the removal of the power plant will help encourage development of Chula Vista’s bayfront.

El Cajon and Vista Residential Properties Sold for $66 Million

Cushman & Wakefield announced the sale of Forest Park located in El Cajon and Hidden Hills located in Vista for a combined $66 million. Forest Park is a 253,556-square-foot apartment community comprised of 338 one- and two-bedroom units. Built in 1975, Forest Park sits on 13.36 acres and has a number of on-site amenities. The property sold for $44.5 million. Hidden Hills is a 141,980-square-foot, 6.55-acre community that was built in 1985. The property includes a total of 154 one-, two- and three-bedroom units and sold for $21.5 million. The seller, several partnership entities formed and managed by R&V Management Corp., was represented by Cushman & Wakefield. The buyer, JH Real Estate Partners, represented themselves.

Ernst & Young Announces Entrepreneur of the Year Awards

Eight San Diego-area executives have been named winners of Ernst & Young’s 2012 Entrepreneur of the Year Award. They become eligible for national awards to be announced in November. The regional winners are Arthur Gruen, CEO of EA Health Corp.; Scott Dennis, CEO, and Alex Kunczynski, president, D&K Engineering Inc.; Jon Sundt, CEO of Altegris Investments Inc.; Frederick Pierce, CEO and president of Pierce Education Properties; Dave Alberga, CEO and Matt Landa, president, The Active Network; and Tom Gildred, CEO of Emerald Textiles.

Asian Film Foundation Honors Edward B. Lee

Edward B. Lee, president of ELT Insurance Services, has received the Asian Film Foundation’s first-ever Community Legacy Award for his contributions to the organization’s growth and sustainability. Lee is chairman of the group’s board of directors. He was cited for his 10 years of work in building the organization. Lee previously served as president of the Korean American Professional Association and vice president of the Asian Business Association of San Diego.

Broadway Athletic and Swim Club
To Open June 25 in Downtown

The new Broadway Athletic and Swim Club on the fifth floor and rooftop deck of 501 West Broadway in Downtown San Diego will open on June 25. The facility is 16,000 square feet and has more than 27 pieces of new cardio equipment with individual viewing screens and Internet access, a MoveStong functional training station, Kinesis circuit training equipment and free weight areas. It was designed by Gensler Architecture. Membership will include access to an outdoor rooftop pool; a sundeck and cabanas; 35 group fitness classes including Zumba, Pilates and boot camp; fresh air yoga; and an outdoor spin experience providing fitness benefits and social connections. Locker rooms will have showers, steam rooms and saunas. Services will include personal training, massage and physical therapy. A grand opening party will be held in July.

The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865.

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