Daily Business Report-June 19, 2020
Calls to make Juneteenth a U.S. federal holiday have increased.
Today is Juneteenth
Also known as “Black Independence Day” or “Freedom Day,” Juneteenth is the oldest known celebration commemorating the end of slavery, particularly in Texas, and more generally throughout the former Confederate States.
While the Emancipation Proclamation was officially announced on Jan. 1, 1863, it wasn’t until June 19, 1865 that Union soldiers landed in Galveston, Texas, under the leadership of Major General Gordon Granger, to deliver the news that the Civil War had ended, and that slaves were now free.
Calls to make Juneteenth a U.S. federal holiday have increased after the police killing of George Floyd and the subsequent protests have forced the country to grapple with its legacy of slavery and racism.
Click here for information on how to celebrate in the workplace and elsewhere.
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SDSU purchase of Mission Valley
stadium site clears major hurdle
San Diego State University’s longstanding plan for a satellite campus and new football stadium cleared a major hurdle Wednesday when the City Council formally approved the sale of 135 acres of Mission Valley land to the university for more than $88 million.
While a second reading of multiple ordinances approved Wednesday is still needed, the vote effectively clears the way for an expected close of escrow in early August, followed by the rumble of bulldozers marking the start of construction of a 35,000-seat football stadium.
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Despite $54 billion state budget deficit, voters
not likely to favor tax hikes on November ballot
by Emily Hoeven | CalMatters
As Gov. Gavin Newsom and the Legislature continue to negotiate a budget, some cities are floating new taxes to stave off cuts to public programs, while state tax hikes on the November ballot are taking on a new meaning in light of California’s projected $54 billion deficit.
Will California voters, millions of whom have lost their jobs amid the pandemic-induced recession and who already showed severe signs of tax fatigue in March, support taxes in November?
A June statewide survey from the Public Policy Institute of California found that 60 percent of likely voters oppose tax increases.
Susan Shelley of the Howard Jarvis Taxpayers Association: “To say that this is the time to raise taxes is utterly irrational and very dangerous. Voters were already sending a message (in March) that they are taxed at the limit and they can’t pay any more.”
But with the state potentially facing $14 billion in cuts to public education, health and safety net programs, proponents of November state ballot measures that would raise billions of dollars in revenue say such initiatives are more necessary than ever.
One of the highest-profile measures, the Schools & Communities First initiative, would raise $12 billion for local governments and public schools by nixing the protections of Prop. 13, the landmark 1978 measure that capped property taxes, for commercial property owners. Another initiative would also amend Prop. 13 by preventing children from inheriting their deceased parents’ low property taxes along with their homes.
Though Newsom hasn’t ruled out the idea of tax increases, he also hasn’t endorsed the Schools & Communities First initiative.
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Pacific Building Group completes construction
for KIPP Adelante Preparatory Academy
San Diego-based general contractor Pacific Building Group has completed construction of a new two-story, 27,110-square-foot education building for KIPP Adelante Preparatory Academy, a tuition-free, college preparatory charter public middle school.
Founded in 2003 and formerly located in Downtown San Diego, the school has relocated to 426 Euclid Ave. in San Diego, the site of the new building.
The new space, which showcases a blend of exposed metal and wood, has 16 classrooms, two music rooms, two special education rooms, one art room and one multi-purpose room. Exterior materials include stucco, fiber cement siding and galvanized metal work.
In the lobby entrance is a high ceiling with exposed, rustic-style Alaskan Yellow Cedar beams. The south side of the building reveals exposed concrete masonry as well as a 10-foot-long Douglas fir bench constructed between the building’s vertical posts. In addition, all handrails are made of exposed vertical grain Douglas fir.
The construction team included MCM Consulting, Roesling Nakamura Terada Architects, Inc. and 37 local subcontractors assembled by Pacific Building Group.
KIPP Adelante Preparatory Academy is a part of the national KIPP (Knowledge Is Power Program) network of 224 schools in 20 states and Washington, D.C.
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USS Theodore Roosevelt to transfer to new
home port in Bremerton, Wash. in 2021
The Navy announced Wednesday that the USS Theodore Roosevelt will be transferred to a new home port in Bremerton, Wash., in the summer of 2021.
The Nimitz-class aircraft carrier, which deployed from San Diego in January, is back on patrol in the Pacific Ocean following an outbreak of coronavirus.
When it transfers to Bremerton, it will enter the Puget Sound Naval Shipyard for what the Navy terms “docking planned incremental availability,” which is an extended period in dry dock for maintenance and upgrades.
In response to a question on the status of Capt. Brett Crozier, relieved of command of the Roosevelt in the wake of his urgent calls regarding his crew’s exposure to COVID-19 in Guam, Navy spokesman Lt. Travis Callaghan said: “Capt. Crozier is currently assigned to the staff of Commander, Naval Air Forces, U.S. Pacific Fleet. For any further information I have to refer you to the office of the Chief of Naval Operations.”
Callaghan also wouldn’t say when or whether another carrier would take the Roosevelt’s place in Coronado: “U.S. Navy long-range planners constantly evaluate whether ships, aircraft and equipment are being used effectively and efficiently. Further decisions involving changing carrier homeport assignments will be announced when appropriate.”.
The USS Abraham Lincoln is based here, and the USS Carl Vinson is scheduled to arrive in the summer following its own overhaul in Bremerton.
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California community colleges
win suit against Trump administration
California notched another legal win against the Trump administration Wednesday when a federal judge ruled illegal its restriction of federal stimulus funds to more than half of the state’s 1.5 million community college students, CalMatters’ Mikhail Zinshteyn reports.
Now undocumented students, DACA recipients, and students otherwise ineligible for federal aid can receive the funds to help cover rent, food and school supplies amid the pandemic. (California community colleges received stimulus funding based on enrollment, including students barred from accessing the aid.) The U.S. Department of Education said it will appeal the decision.
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Truvian Sciences introduces COVID-19 antibody test
Truvian Sciences, a San Diego-based health care company, announced that its COVID-19 antibody test has been validaed by health care professionals and scientific experts from across the U.S., and is currently being evaluated by the U.S. Food and Drug Administration for emergency use authorization.
The test — Easy Check COVID-19 IgM/IgG — will be available to order upon FDA EUA approval.
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Rady Children’s Hospital pilot study shows
precision medicine program benefits for infants
In a pilot study funded by the State of California, Rady Children’s Hospital-San Diego demonstrated that a rapid precision medicine program for critically ill babies enrolled in Medi-Cal produced better health outcomes and reduced suffering for the infants while decreasing the cost of their care.
Using the most comprehensive genomic test available—rapid Whole Genome Sequencing—the program called Project Baby Bear analyzed the genetic code of 178 infants to provide doctors and families with vital diagnostic information that empowered them to make life-altering medical decisions resulting in shorter hospital stays, fewer invasive procedures and targeted personalized care.
“Among high-risk infants with rare, genetically determined diseases, time-to-treatment is crucial,” said Stephen Kingsmore, MD, president and CEO of Rady Children’s Institute for Genome Medicine. “Project Baby Bear significantly shortened the time needed to accurately diagnose and optimally treat these critically ill children.”
Project Baby Bear helped doctors identify the exact cause of rare, genetic diseases in an average of three days, instead of the four to six weeks standard genetic testing offers. This allowed physicians to deliver timely treatment tailored to the baby’s specific condition.
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Engrail Therapeutics raises $32 million
in Series A financing round
San Diego-based Engrail Therapeutics announced the close of a $32 million Series A financing round. Nan Fung Life Sciences (NFLS), the global investment platform of the Nan Fung Group, led the round. The company plans to use the proceeds from the financing to support the clinical development of its first pipeline asset, ENX-101, a sub-type selective GABA A modulator.
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Illumina acquires
Netherlands-based BlueBee
Illuminia Inc. said it is enhancing its capabilities to analyze and interpret the data produced by its sequencing systems with the acquisition of BlueBee, a cloud-based software company that provides genomics analysis solutions for research and clinical customers. Terms of the acquisition were not disclosed.
Based in the Netherlands, BlueBee has developed a regulatory compliant, secure cloud platform that simplifies access to data and tools, enabling users to easily extract insights from genomic data. This cloud capability is expected to lower the cost of storing, sharing and managing the enormous volumes of genomic data that streams from Illumina’s installed base of more than 15,000 sequencing systems.
The integration of BlueBee’s capabilities into Illumina’s cloud portfolio will give users the flexibility to run their own custom analyses or access industry leading options such as the DRAGEN Bio-IT Platform, streamlining data processing and increasing their operational efficiency.
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General Atomics awarded $12.1 million
contract to upgrade RPA, ground control station
General Atomics Aeronautical Systems Inc. has been awarded a $12.1 million contract to upgrade MQ-9 Block 1 and Block 5 Remotely Piloted Aircraft and Block 25 Dual Control Module Ground Control Station and Block 30 Ground Control Station for the Air National Guard. The procurement includes kits for High-Definition displays and Barrett Asymmetrical Digital Datalink Computers, as well as Multi-Intelligence Smart Processing.
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Kristi Kennelly joins RateMyAgent
RateMyAgent, an agent review and digital marketing platform for real estate professionals, announced that Kristi Kennelly has joined the company as a product ambassador. As a key member of the marketing team, Kristi will help agents become product-smart through virtual events and training.
A former Broadway performer (she played opposite Matthew Broderick in “How to Succeed in Business without Really Trying” and Rumpleteazer in “CATS”), Kennelly combines practical real estate marketing knowledge with a dose of humility and entertainment. She has educated agents nationwide as a professional speaker in online marketing, lead generation, lead conversion, video marketing, social media and how to harness the power of customer reviews.
