Daily Business Report-Dec. 15, 2015
Thousands of drones are going to be given at Christmas.
Getting or Giving a Drone for Christmas?
Feds Say it’s Got to Be Registered
The Federal Aviation Administration announced Monday that the government is going to require drones to be registered — a move spurred by the increasing incidents of drones flying near airports and aircraft.
According to an FAA estimate, 1.6 million small drones will be sold this year, with half during the last three months of the year. The drones are considered ideal Christmas gifts.
The purpose of the registration is to track down owners if they violate the rules. It would also give the FAA a way to educate owners.
The requirement covers aircraft weighing from more than half pound up to 55 pounds, including any payload such as a camera, according to an Associated Press report.
According to the report, drone owners who are 13 and older will have to register on an FAA website that becomes available starting Dec. 21. The FAA expects parents to register for younger children.
Registration will cost $5 and must be renewed every three years, but the fee will be waived for the first 30 days, until Jan. 20. Owners will have to mark aircraft with an identification number. Recreational fliers can register as many aircraft as they want on one registration number.
Those who got drones before Dec. 21 must register by Feb. 19. People who buy them later must register before their first outdoor flight.
Owners will have to provide their name, home address and email, and their identity will be verified and payments made by credit card, the agency said.
The FAA said it used some of the recommendations from a task force appointed by Transportation Secretary Anthony Foxx, but the move disappointed a large group representing model airplane users.
The Muncie, Indiana-based Academy of Model Aeronautics said registration is an “unnecessary burden for our more than 185,000 members who have been operating safely for decades.”
The group maintains that Congress in 2012 prohibited the FAA from new rules for recreational model aircraft users who are part of a community-based organization.
But Deputy FAA Administrator Michael Whitaker said while the law prohibits new rules, the FAA has the authority to register the aircraft.
Most model airplanes and even some flying toys weigh more than a half-pound and may need to be registered, the academy said.
Qualcomm Rules Out
Separating into Two Companies
Qualcomm has decided not to separate its chipmaking and technology licensing businesses, concluding a six-month strategic review instigated by hedge fund Jana Partners.
San Diego-based Qualcomm, the biggest maker of chips used in mobile phones, said on Tuesday its current structure offered unique strategic benefits that cannot be replicated.
Qualcomm, whose earnings have slumped by more than 40 percent in each of the last three quarters, said it expected earnings per share for the current quarter to be at or modestly above the high end of its previously forecast range.
The company had previously forecast earnings of 80-90 cents per share for the quarter.
Qualcomm’s shares, which have lost almost 40 percent of their value this year, were up 2.3 percent in premarket trading.
Qualcomm said it was seeing a stronger quarter than expected as 3G and 4G device shipments were helping its licensing business and the benefits of cost cuts were kicking in.
Qualcomm’s technology business has thrived for years on the big royalties it collects on the chip-technology developed by its chipmaking unit.
“Looking ahead, we have a focused plan in place that we believe will drive growth and we are off to a good start implementing that plan,” Chief Executive Steve Mollenkopf said in a statement. He did not elaborate on the plan.
— Posted by Times of San Diego
Little Italy Multifamily
Project Sells for $5.5 Million
Ten on Columbia, a 10,646-square-foot, three-story multifamily development at 2104 Columbia St. in Little Italy has been sold for $5.55 million to the Newkirk Family Trust II. The seller was BAIA Vista LLC.
Construction on Ten on Columbia was completed in October 2015 and the property achieved 100 occupancy in early December 2015. The modern-styled property features oversized exterior spaces with expansive view decks, custom contemporary finishes, LED lighting, and washers and dryers in each unit, among other amenities.
Colliers International represented both buyer and seller in the transaction.
3 Imperial Beach Apartment
Projects Sell for $14.5 Million
Imperial Village, three contiguous apartment communities totaling 87 units in Imperial Beach, has been sold for $14.5 million to Walz Properties. The seller was the Charles F. Kreutzkamp Recocable Trust.
The properties were constructed in 1987 and are located on 2.35 acres at 1401 13th St., 1441 13th St. and 1340 Hemlock Ave. in Imperial Beach. There are a total of 52 one-bedroom/one-bath units, 31 two-bedroom/one-bath apartments, and four two-bedroom/two-bath units in the portfolio. Amenities include on-site laundry facilities, open and garage parking, a picnic and barbecue area, and a courtyard. Select units feature a private patio or balcony and stainless steel appliances.
Marcus & Millichap represented the seller in the transaction.
SDSU Recruits Another New Yorker
To its MFA Musical Theatre Program
New York director and choreographer Stephen Brotebeck has joined the faculty of San Diego State University’s MFA Musical Theatre program. Brotebeck follows Robert Meffe, a Broadway conductor who was recruited to be the musical director of the MFA program in 2013.
Brotebeck, will join the program as professor. “What attracted me to SDSU was that I could mold the new generation of musical theatre artists while still being able to continue my professional career in such a vibrant and theatrical community,” Brotebeck said.
After spending the last 14 years working in New York on productions such as “Peter and the Starcatcher,” Brotebeck said he is pleased to be in San Diego. “I call San Diego ‘Broadway West’ because of the amount of talent in San Diego in both performance, directing and choreography,” he said.
Over the course of his career, Brotebeck has worked in all different aspects of musical theater including acting, directing, and choreography.
Currently, Brotebeck is rehearsing for a March 4-13, 2016 production of “Drowsy Chaperone” in the Don Powell Theatre, and has abegan building connections in the community and hopes to make SDSU a larger part of San Diego’s professional musical theater community. This includes a focus of developing new musicals at SDSU by bringing in writing teams and doing stage readings.
“I am excited to collaborate with different arts organizations in the community and at SDSU,” Brotebeck said. “My goal is to create big events like last year’s Les Miserables in Concert more regularly.”
Small Businesses to Get Capital Boost
From Bankers Small Business CDFI
Small businesses in California low- and moderate-income areas will soon have access to a pool of new capital from Bankers Small Business CDFI, made possible through an investment from Banc of California.
Bankers Small Business CDFI is a San Diego-based affiliate of CDC Small Business Finance, one of the nation’s largest small business lenders.
Bankers Small Business CDFI anticipates it will create a loan pool of $3 million, leveraged by $300,000 in tax credits allocated by the California Organized Investment Network (COIN). The new capital will be available to small businesses in designated low- and moderate-income areas. The maximum loan available will be $200,000, offered at a low interest rate.
“Bank of California wants to get all these funds into the hands of small business owners in 2016,” said Gary Dunn, executive vice president and community development officer of Banc of California. “Leveraging tax credits is just one more tool we’re using to help small businesses grow so they can create new jobs in the communities we serve.”
Each year, COIN allocates $10 million in tax credits to support $50 million in community development investments.
Illumina and Novogene Partner
In Genetic Sequencing Technology
Novogene, a Beijing-based provider of genomic services, and San Diego’s
Illumina Inc. have agreed to jointly develop advanced clinical applications in the fields of reproductive health and oncology based on next-generation sequencing technology. The collaboration signals the increasing importance of genomic applications to improve health care in China.
In recent years, next-generation sequencing technology has evolved rapidly and is regarded as an essential factor for enabling precision medicine. The collaboration between Novogene and Illumina will focus on providing the most advanced and integrated sequencing solutions to the clinical market. In particular, the two companies will work together to develop a user-friendly diagnostic system for clinical prenatal DNA and oncology testing in the Chinese market.
The collaboration will bring together technology from Illumina sequencers with Novogene’s advanced clinical application development capabilities. As part of the agreement, Novogene will provide its nucleic acid extraction, library preparation, and data analysis software, while Illumina will provide NGS instrument components and related reagents.
San Diego Philanthropists Pledge
$1.3M to Teach for America San Diego
City News Service
Several of San Diego’s top philanthropists Monday pledged $1.275 million over three years to Teach For America San Diego, which recruits and trains teachers to work at low-income schools in the region. The gifts were a renewal of the benefactors’ previous three years of support for the nonprofit.
“This support will help Teach for America San Diego to continue to provide a pipeline of diverse, talented, and passionate teachers for our public schools with the greatest needs,” said Jack McGrory, chairman of the organization’s board. “By attracting innovative leaders to our classrooms, Teach For America will prepare more of our students for a lifetime of opportunity and reinforce that San Diego is America’s finest city.”
McGrory, whose daughter went through the Teach for America program, gave $450,000.
Other donations came from the Legler Benbough Foundation, $375,000; Malin Burnham, $150,000; Diane and Rod Dammeyer, $150,000; and Joan and Irwin Jacobs, $150,000.
The funding will pay for the recruitment, training, and professional development of up to 75 members in San Diego over three years.
The instructors will compete for open positions at public schools and commit to teaching for at least two years, many in hard-to-staff subject areas such as science, math, and special education, and become lifelong leaders in the effort to end educational inequity, according to Teach for America.
SDG&E Donates $30,000
To New Children’s Museum
The New Children’s Museum has received $30,000 San Diego Gas & Electric for two key efforts: $15,000 for the Museum’s Garden Project in the Children’s Park and $15,000 for Salute our Troops military efforts.
The Garden Project has been funded by SDG&E since late 2013 and features California as an agricultural leader. The Garden showcases native plants and food and introduces relevant and timely topics related to the environment like drought-resistant planning. SDG&E’s grant will help support the hands-on workshops featuring eco-friendly planting activities, education on local plant life, sensory exploration, and other engaging projects.
The grant for Salute our Troops helps the museum provide half price admission for military families year-round and free admission during the summer Blue Star Museum program. SDG&E makes it possible for the Museum to offer workshops for USO families in 2016, a special time for children and their recently returning/newly deploying parents.
Girls Think Tank Changes
Name To Think Dignity
Girls Think Tank, a nonprofit organization that promotes basic dignity for San Diego’s homeless citizens, announced that it is changing its name to Think Dignity. The name change is part of a broader rebranding initiative, including an updated logo and redesigned website.
Heather Pollock, Executive Director of Think Dignity says, “The rebrand marks a pivotal point in the evolution of our nonprofit, as well as its vision for the future,” said Heather Pollock, executive director. “Notably, the rebrand coincides with the organization’s newest and biggest fundraising endeavor: mobile showers for the homeless –a program that aims to provide San Diego’s homeless with access to clean hygiene, as well as act as an entryway to finding jobs and housing.”
“Think Dignity will be taking the showers to various communities throughout San Diego once a month, providing both showers and restrooms, while also providing access to housing and medical outreach workers, and information regarding other services. Fundraising efforts for this program are underway, with close to $40,000 left to raise.
The new name and website will be revealed and be effective as of today at the annual Ugly Sweater Holiday Party, which will be held at the Think Dignity office located inside Co-Merge, 330 A St.
Wreaths Across America
FOX Sports Hires Sideline Reporter
FOX Sports San Diego has hired Julie Alexandria as sideline reporter for the upcoming 2016 San Diego Padres season.
Alexandria most recently covered the 2015 US Open Tennis Championships and worked as an on-air host for OK! TV, a nationally syndicated talk show. Originally from Orange County, she began her sports reporting career hosting Mets Weekly for SportsNet New York.
Alexandria has since served as sideline reporter for MASN covering the Washington Nationals, worked college football sidelines for FOX and hosted the weekly College Football road show “Tailgate 48” for the Big Ten Network. On the entertainment side, she worked on shows for MTV, performed as backstage correspondent for the Miss USA Pageant and serves as a voice over artist for various TV and radio campaigns, video games and animated series.
She will be joining FOX Sports’ team of on-air talent, which includes Dick Enberg, former Padres pitcher and current color analyst Mark Grant, former Red Sox play-by-play announcer and future Padres broadcaster Don Orsillo as well as Padres Live host, Mike Pomeranz and analyst Mark Sweeney.
Solomon Ward Adds Partner
Solomon Ward Seidenwurm & Smith LLP has named Kristin Cline a partner of the law firm, effective Jan. 1, 2016. Cline has been an associate of the firm for the past eight years.
Cline’s practice encompasses a range of general business, corporate, securities, and real estate transactional matters. She represents a range of clients, including entrepreneurs, small businesses, emerging growth companies and established companies in business organization and operational matters, and securities and corporate finance transactions.
Cline received her J.D. from the University of San Diego School of Law and her B.A., cum laude, from UCLA.