Daily Business Report — Aug. 21, 2012
Gov. Jerry Brown Monday warned that failure to pass his tax measure in November will result in “devastating cuts” to the state’s education system that will mean “we don’t have a future.” Brown appeared at San Diego City College to promote Proposition 30, which would temporarily increase sales taxes and raise income taxes on higher income residents. It would increase the sales tax by a quarter-cent for four years and raise income taxes on annual earnings over $250,000 for seven years. “If we don’t invest in our schools, don’t invest in our colleges — we don’t have a future,” said Brown. Officials said 89 percent of the revenues from Proposition 30 would be devoted to schools from kindergarten through 12th grade and the other 11 percent to community colleges. The measure would also guarantee funding for public safety services shifted from state to local governments. — Reported by City News Service
Cubic Awarded $3.7 Million to Produce Data Digital Data Link for Unmanned Helicopter
Cubic Defense Applications, a defense systems business of Cubic Corp., has received a $3.7 million contract from Northrop Grumman Corp. to produce a new multiband digital data link system for the MQ-8C Fire Scout unmanned helicopter. The data link uses smaller and lighter components to do the job of transferring full-motion video and data from the aircraft to ground forces and surface ships. Cubic’s ISR data link systems use radio frequency technology with open standard waveforms to transfer data and stream video to provide situational awareness before, during and after combat operations. The new data link enables high-speed transfer of information from the Fire Scout to ground and surface terminals. Cubic has been manufacturing data link systems since the mid 1980s.
Repairs to Balboa Park’s Lily Pond
Now Estimated at More than $19,000
The San Diego mayor’s office estimates the damage from the late-night water gun fight that went rogue at Balboa Park’s lily pond at more than $19,000. The nonprofit group Friends of Balboa Park raised $13,000 in donations. The campaign to raise repair money began the day following the water gun fight, as news spread that the nearly 100-year-old pond would need repairs. The money has covered most of the repairs already made to the vandalized area, but more is still needed — preferably from whomever police find to be responsible for the damage, said mayoral spokesman Darren Pudgil. “We think it will cover most of the costs, but we may still go after the ones who did this and require them to cover some of these costs as well,” he said. So far, the Park and Recreation staff have cleared all damaged plants, dirt, mud and debris and have temporarily repaired the pond’s plumbing system and refilled the pond with water. The water was treated to protect the fish and turtles inside. By Wednesday, the staff plans to add more seasonal plants around the perimeter of the pond and the Plaza de Panama fountain.
Luxury Home Values Edge Down
Luxury home values in the San Diego region edged down during the second quarter, but the 2.5 percent year-over-year increase was the biggest annual gain since the first quarter of 2007, according to the First Republic Prestige Home Index by First Republic Bank. Chuck Gifford of Coldwell Banker in Rancho Santa Fe said the luxury market remains soft and noted that many sellers are trading down to lower-priced properties. He also said many homeowners can’t sell because they have no equity in their homes after buying at the peak of the market. “I see the housing market gradually declining over the next four years. The real estate market is like a hang glider with no engine to gain altitude,” he said. In La Jolla, Mo Loghavi of California Prudential Realty also said there was a small supply of homes, but that buyers are eager to make offers. “There is more demand for fewer homes. Properties under $4 million are moving, but over $4 million, it is flat. This year, the amount of inventory is much less than last year,” said Loghavi.
Century Club of San Diego to Distribute Part of
Farmers Insurance Open Proceeds to Charities
The Century Club of San Diego will hold a luncheon tomorrow to distribute the balance of $2 million generated from the 2012 Farmers Insurance Open. More than 200 local charities will benefit from the money generated — a $300,000 increase over the 2011 tournament total. The luncheon will be at noon at the Marriott Del Mar. This year’s recipients include 88 high schools and 25 charitable organizations who participated in the Century Club’s annual Support our Schools (SOS) and Chip in for Charity programs. The SOS program, presented by US Bank, and the Chip In for Charity program, presented by ResMed, allows local schools and charities to sell specially discounted Farmers Insurance Open any-day tickets and keep 75 percent of each sale. The 2012 Tournament generated $273,956 for schools participating in the SOS program.
Ground Broken for Palomar Health’s
$4.5 Million Satellite Clinic in Ramona
C.W. Driver has broken ground on Palomar Health’s new $4.5 million satellite clinic, the Ramona Ambulatory Care Center in Ramona. Designed by San Diego-based Mascari Warner Architects, the 7,600-square-foot, single-story outpatient medical clinic will provide adult and pediatric primary care physician services, urgent care, radiology services and outpatient diagnostic testing as well as specialty services and programs, such as health education and prevention classes and a mobile mammography unit. The new clinic, which will be co-owned by Palomar Health and developer Pacific Medical Buildings, will have Arch Health Partners, an affiliated physician organization of Palomar Health, as its exclusive tenant when construction is complete in January 2013.
Small Business Workshops (SCORE San Diego)
Aug. 22 — How to Start a Nonprofit Corporation – 9 to 11:30 a.m. at The San Diego Foundation, 2508 Historic Decatur Road, No. 200, San Diego 92106; pre-paid registration $39, $49 at the door.
Aug. 23 — Cost-Effective Marketing Tools & LinkedIn Strategies – 9 a.m. to noon at National University – Kearny Mesa, 9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door.
Aug. 24 — Financial Statements – What They Mean, How to Use Them – 9:30 a.m. to noon at National University – Carlsbad, 705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door.
40 Under 40 Awards Luncheon
Please join SD Metro in celebrating this year’s 40 Under 40 Award winners, honoring San Diego’s best and brightest. The Details: Sept. 25 at the Sheraton Hotel and Marina, 1380 Harbor Island Drive, San Diego 92101. Registration: 11:30, Luncheon and Program: Noon-1:30 p.m. Tickets: $80. Tables of 10: $800 ($700 if an honoree is at your table). Please email your reservation request to: Rebeca Page at email@example.com or call (858) 461-4484.
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. firstname.lastname@example.org.