Daily Business Report — Aug. 24, 2012
National University Think Tank Warns of
San Diego Sinking into a ‘Fiscal Black Hole’
The expiration of tax cuts and automatic cuts to federal spending at the end of this year will have a devastating impact on San Diego’s economy if Congress and the White House fail to act, according to a report by the National University System Institute for Policy Research. “For San Diego it would be a Fiscal Black Hole, with impacts much worse than the economic downturn in 2008-2009,” the report said. Failure to find a way of dampening the impacts would mean $4.3 billion to $5.9 billion would be removed from the San Diego economy, according to the report, which added that the total impact on San Diego could be as high as $11 billion in 2013.
The Padres will unveil a statue of Hall of Fame broadcaster Jerry Coleman during the Jerry Coleman Day celebration on Saturday. The game (against Colorado) is scheduled to start at 5:35 p.m. FOX Sports San Diego will broadcast the game locally, with pregame coverage beginning at 4:30 p.m. Jerry Coleman Day will celebrate the man’s 70 years in baseball, 40 of them with the Padres. A special pregame ceremony will feature the unveiling of the statue as well as a performance by the U.S. Marine Corps’ Silent Drill Platoon.
Planning Commission Denies Development
Permit for North Park Jack in the Box Project
Business and community groups in North Park were handed a victory this week when the San Diego Planning Commission voted to deny a planned development permit for a Jack in the Box at 2959 Upas St. “This is a victory for North Park Residents and businesses alike who banded together en masse to oppose the project,” said Angela Landsberg, executive director of North Park Main Street, one of the organizations opposing the permit. Jack in the Box’s application for a permit to rebuild the fast food restaurant also was opposed by the North Park Planning Committee and area residents. The groups opposed the project based on deviations inconsistent with the North Park community plan, safety concerns and other impacts that Landsberg said would have meant a setback in the community’s goal of creating a pedestrian friendly urban village. The city Development Services Department staff had recommended approval of the permit.
Qualcomm Inc. Acquires Israeli Company
Qualcomm Inc. has acquired DesignArt Networks, an Israel company involved in small cell modem and system design for cellular base stations and high-speed wireless backhaul infrastructure. Based in Ra’anana, Israel, DesignArt offers system-on-chip and software products that enable the design of indoor and outdoor small cell base stations and remote radio heads, which allow operators to expand the data capacity of their networks. “DesignArt and its products will both enhance and accelerate our initiatives to drive increased capacity and coverage in mobile networks,” said Craig Barratt, president of Qualcomm Atheros.
Torrey Pines Bank Reports 2nd Quarter Earnings
Torrey Pines Bank reported an increase in business loans to area businesses, an increase in deposits, assets and net interest income in the second quarter of 2012, but said net income decreased slightly as a result of higher loan loss provisions to support loan growth. Loans grew to $1.4 billion in the second quarter, an increase of $89 million, or 7 percent, from first quarter 2012. They grew by $250 million or 23 percent year over year. Total deposits grew to $1.6 billion, an increase of $62 million, or 4 percent, from first quarter 2012. Deposits grew by $210 million or 15 percent year over year. The bank reported that net income in the second quarter reached $5.3 million, down $0.5 million or 9 percent from the first quarter, and up $1.1 million or 27 percent year over year.
First Unitarian Universalist Church of San Diego has unveiled its newly completed Welcome Center and campus site improvement project in Hillcrest. The project consisted of ground-up construction of the new tri-level Welcome Center, which has 8,707 square feet of space for church functions, community events, study classes and business meetings. Architectural design services were provided by Platt/Whitelaw Architects Inc. and construction management services were by Southern Cross Property Consultants. Swinerton Builders San Diego was the contractor. The Welcome Center has two staff offices, a full-service commercial kitchen used for special events, meeting rooms, a library, and storage. There are 23 different ceiling heights found throughout the building, including eight different heights in the main assembly hall alone. Swinerton also performed utility upgrades, landscaping/irrigation, habitat mitigation, and hardscapes.
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. email@example.com.