Daily Business Report-Sept. 28, 2017
State Senate leader Kevin de León at a solar installation project. (CALmatters photo by Carl Costas)
Lawmakers Missed a ‘Green’ Opportunity
Could Consumers Pay the Price?
By Julie Cart | CALmatters
Environmentalists are accustomed to notching wins in the California Legislature, where their projects often receive a friendly hearing from a supermajority of Democrats and a governor with a laser focus on climate change.
But there was an unexpected setback near the frantic end of the recent legislative session, when two energy-related proposals stalled.
There’s little lost in putting off one of them, the creation of a regional electricity grid that would supply the Western states, until lawmakers reconvene in January. But postponing Senate President Pro Tem Kevin de León’s plan to accelerate the “greening” of California’s own grid with more renewable energy could carry a price tag for consumers.
A new report from the state Public Utilities Commission found that the sooner the state’s
electric power providers adopted more wind and solar energy, the cheaper that power would be. This is because existing federal subsidies for renewable-energy companies that sell power to utilities are scheduled to be phased out, making it more expensive to build wind and solar facilities and, ultimately, driving up costs.
In addition, the potential for related new jobs and cleaner air could be lost along with any subsidies, according to some experts.
De León’s proposal called for a modest nudge to the state’s renewable energy use, to 60 percent of its total by 2030, up from the current 50 percent. It set a goal of 100 percent by 2045. Proponents argued that ramping up renewable-energy procurement is attainable and climate-friendly. It could also could mean cheaper energy. The senator said he will bring the bill back next year, so there’s still time to help consumers.
“This would have further lowered our utility bills,” de León said in an interview. “This could have saved hundreds of millions of dollars if we procured power at a low cost before federal tax credits expire.”
Governor Brown Signs Bill Moving
California’s Presidential Primary to March
California is likely to become a major player in the 2020 Presidential primaries after Gov. Jerry Brown signed a bill Wednesday to move the date to March.
The so-called “Prime Time Primary Act” moves the statewide primary to the first Tuesday after the first Monday in March for both presidential and non-presidential election years.
California’s primary has traditionally been held in June, at the tail end of the presidential primary schedule, diluting the impact of the state with the largest number of electoral votes.
“Candidates will not be able to ignore the largest, most diverse state in the nation as they seek our country’s highest office,” said Secretary of State Alex Padilla after the signing.
The bill’s principal co-author, Assembly Speaker pro Tem Kevin Mullin, said the change will give Californians “a more powerful voice” in the Presidential primaries.
“Given California is the sixth largest economy in the world, that one out of every eight U.S. voters lives in California, and that we have one of largest and most diverse populations in America, it is only right that our primary election date makes ‘California Count’ when choosing our presidential candidates,” Mullin said.
California last had an early presidential primary in 2008.
CALmatters columnist Dan Walters said making California more relevant is not the true purpose of the law. He says it’s really aimed at making California’s Democratic politicians more influential in choosing their party’s presidential nominees, and perhaps helping U.S. Sen. Kamala Harris or Los Angeles Mayor Eric Garcetti flirt with White House bids.
CV Sciences and TorreyCove Capital
Partners Relocate to Sorrento Mesa
CV Sciences, a biotech company that operates two divisions in pharmaceuticals and consumer products, and TorreyCove Capital Partners, a registered investment advisory firm, have relocated their headquarters to the Sorrento Mesa area of San Diego. BLT Enterprises leased a combined total of 32,093 square feet to the two companies.
CV Sciences will occupy a total of 24,000 square feet at BLT Enterprises’ Sorrento Tech III, a 30,097-square-foot flex R&D and industrial property.
Torrey Cove Capital Partners will occupy 8,093 square feet at BLT’s Sorrento Tech II property, a two-building, 63,333-square-foot office and R&D campus, which is located adjacent to Sorrento Tech III.
Besides TorreyCove Capital Partners, Sorrento Tech II is also occupied by L3 Technologies, an aerospace and defense firm, and Ron’s Pharmacy, a long-term care pharmacy owned by Guardian Pharmacy out of Atlanta.
The property is located at 10180 Barnes Canyon Road.
Cushman & Wakefield represented the parties in the leases.
Become a Hurricane Hero
More than 100 pets were flown recently to San Diego from shelters in Florida to make space for animals affected by Hurricane Irma. Today more than 65 dogs and cats will be available for adoption at San Diego Humane Society’s San Diego Campus, 5500 Gaines St. and 20 cats will be available for adoption at the Oceanside Campus, 572 Airport Road.
All adoptable pets will be spayed/neutered, current on vaccinations, microchipped and sent home with a certificate for a free veterinary exam, 30 days of worry-free pet insurance from Trupanion and his/her first bag of food from Purina. These pets who are awaiting adoption can be found on the organization’s website: https://sdhumane.org/how-you-can-help/adopt/available-pets/
Shane: At San Diego Humane Society
I have been spayed, vaccinated and micro-chipped. I’m now ready for my new home. My Personality Color Code is Blue; meaning I’m Bashful…Shy…Introverted…Timid…and Coy! Even though it takes me awhile to warm up, when I do I’m yours forever. I would do best in a patient, adult only home who can understand my boundaries. I’m looking for a loving home that will continue my positive reinforcement training. It is recommended that I go to a home with a social dog who can teach me good habits! CALL. I’m available for adoption but I am not currently in public view. To meet me, please contact customer service at (619) 299-7012.
Nomad Donuts to Celebrate
Launch of New North Park Shop
Nomad Donuts will celebrate the launch of its new North Park shop with a public grand opening on Friday, Oct. 13 from 5 to 8 p.m. Taking place at 3102 University Ave., the event will offer guests complimentary bites of Nomad’s donuts and pastries as well as Montreal-style bagels and sandwiches, while supplies last. Guests will also have multiple chances to win Nomad Donuts gift cards and garb throughout the evening and into the weekend.
Nomad Donuts’ second location soft opened on Aug. 23 to a line of fans extending out the door and down the sidewalk. The shop has been profiled as one of the country’s best donut shops via the New York Post and Lonely Planet, while Executive Pastry Chef Kristianna Zabala carries a Michelin star and won Cooking Channel’s nationally televised Sugar Showdown last fall.
Nomad Donuts’ second location continues to serve eclectic pastries and signature coffee alongside new features including Montreal-inspired wood fired bagels, a variety of breakfast and mid-day sandwiches and a pop-up “Chef’s Counter” featuring savory and sweet baked goods per the whims of Chef Zabala.
Danielle Munoz Joins Sunrise Management
Danielle Munoz has joined San Diego-based Sunrise Management as regional vice president, working out of San Diego. Her responsibilities at Sunrise will include overseeing all property management functions for the firm’s Southern Calif. portfolio
Most recently Munoz worked as senior regional property manager at Pacific Living Properties where she was responsible for the operational performance and investment direction of 17 Southern California assets. Prior to that she was with ConAm where she held the title of senior regional portfolio manager. She worked with Archstone Communities from 2000 to 2012, working her up the ranks to operations manager.
She has a master’s degree in business administration from University of Phoenix, and earned her bachelor’s degree from Occidental College in Los Angeles. She holds a California Real Estate License and previously served as the chair for the California Apartment Association.