Daily Business Report — Dec. 14, 2012
Study: California Could Be Hit
Hardest If Fiscal Cliff Not Averted
California could be hit the hardest with a total job loss of more than 225,000 if the “fiscal cliff” is not averted, according to a study by economist Stephen Fuller of George Mason University. Fuller says this could result in an income loss of $11.5 billion over the next fiscal year. Simplys put, the fiscal cliff is an increase in taxes and massive spending cuts as a result of the beginning of the Budget Control Act (BCA) of 2011. Besides the job losses, it could mean $4.5 billion less in federal funding — steep reductions in programs like health screenings, child care, education, disability and disaster relief funding. Military funding would be cut drastically. San Diego and Los Angeles Counties alone could lose up to $2.1 billion.
Mobile App Maker Blurtopia Wins
Venture Group’s PitchFest Contest
Blutorpia won the top venture capital prize last night at San Diego Venture Group’s annual PitchFest event. The company competed against finalists Cypher Genomics and GrountMetrics. All of the companies received a combined total of more than $25,000 in cash and services that will be used to grow their businesses in San Diego. Each of the three finalists presented their business plan to the more than 350 audience members, who then casted their votes for the winner. Blurtopia provides a free mobile application that allows a user to post any question to a network of friends — “Fom which shoes should you wear to the party, to which way should you hang the toilet paper,” Blurtopia’s interface gives users the ability to “blurt” out questions. David Titus, Venture Group president, said more than 100 applications were received for the competition.
Davidson Communities Pays $14.2 Million
For 63 Residential Lots in Carlsbad
Sixty-three residential lots in Carlsbad have been purchased for $14.2 million by Davidson Communities. The detached sites, located on the south side of Rancho Santa Fe Road, just east of La Costa Avenue, have a minimum of 7,500 square feet. The property is part of La Costa Town Square, a planned 285,000-square-foot shopping center, which is owned by the seller, Property Development Centers, a subsidiary of Safeway Inc. Property Development Centers was represented by Colliers International in the transaction.
Second Chance Receives $25,000 From Union Bank
Second Chance, a nonprofit organization that sponsors job readiness training programs, has received a $25,000 grant from Union Bank. The grant is part of the bank’s pledge to annually distribute 2 percent of its annual profit to charitable organizations. The award marks the 14th consecutive year that the banking services company has donated to the job training program. Second Chance officials said the grant allows it to continue to offer its services free of charge.
San Diego County Bicycle Coalition Awards
Golden Gear Awards to Community Leaders
The San Diego County Bicycle Coalition presented Golden Gear of Advocacy Awards for 2012 to local community leaders last night during its annual Holiday Joyride at Mission Brewery.
Award winners:
• Bike Friendly Business Advocate of the Year: Jeff Motch, owner of Blind Lady AleHouse in Normal Heights and Tiger!Tiger! on El Cajon Boulevard.
• Community Partner of the Year: Walk San Diego.
• Volunteers of the Year: Howard LaGrange and Pete Penseyres of Oceanside.
• Advocate of the Year: Nicole Burgess of Ocean Beach.
• Public Partner of the Year: City Councilman Todd Gloria.
The coalition was formed to support and help protect the rights of people who ride bicycles. “We’re putting San Diego on the path to becoming one of the most bike-friendly cities in the U.S., and we hope to continue this momentum to break more records in 2013,” said Andy Hanshaw, the executive director.
Higgs Fletcher Attorney Receives Bar Association Post
Michael Gibson of Higgs Fletcher & Mack has been elected co-chair of the San Diego County Bar Association Construction Law Section for 2013. His role is to ensure that relevant programs and timely topics are delivered to members and attendees and to organize events for networking and professional development. “Just like the construction industry itself, the field of construction law continues to experience a number of changes,” said Gibson. “In order to keep those who practice in this area up-to-date, we’ll be holding informative programs on new laws impacting indemnity obligations, discovery practices, and other timely subjects.”
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The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. manny@sandiegometro.com.
