Daily Business Report-Jan. 14, 2019
Newsom’s budget also took aim at long-term pension liabilities, such as those at the California Public Employees’ Retirement System. (Image by Carl Costa)
Governor wants extra pension payments
as retirement liability tops $256 billion
By Judy Lin | CALmatters
Following Jerry Brown’s footsteps, Gov. Gavin Newsom announced he wants to make extra pension payments even as California’s retirement liabilities for state workers and teachers top $256 billion.
In unveiling his first budget, flush with a surprisingly large surplus from a robust economy, Newsom said he wants to put an extra $3 billion into the California Public Employees’ Retirement System (CalPERS) and an extra $2.9 billion over four years into the California State Teachers’ Retirement System (CalSTRS).
His administration estimates the extra payments would generate a savings of $7.2 billion in CalPERS over the next three decades and $7.4 billion in CalSTRS over the same period.
“That’s about building resiliency,” Newsom said about being prepared for an economic downturn.
In addition, the governor is offering $3 billion to help school districts meet their obligations, which would be used to reduce their CalSTRS payments and free up cash for the classroom.
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Poseida Therapeutics prepares for IPO
to advance CAR-T treatment
By Sarah de Crescenzo | Editor, Xconomy San Diego
Poseida Therapeutics, which is testing CAR-T cell therapies for blood-borne and solid tumor cancers, has laid the groundwork for an initial public offering.
In documents filed with securities regulators Friday, the San Diego company set a preliminary IPO target of $115 million. The company has applied for a listing on the Nasdaq stock exchange under the symbol “PSTX.”
CAR-T therapies deploy T cells that have been engineered to kill cancer. These cells, programmed to act aggressively, have in some cases led to significant side effects, however. Results for the first two CAR-T products approved, both in 2017, have varied.
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Sundt finishes construction of
Sienna at Otay Ranch Senior Living
Sundt Construction Inc. has completed the Sienna at Otay Ranch Senior Living community in Chula Vista. The new $19.4 million senior living community includes a two-story building with 85 assisted-living units and 26 memory care units. The units have various floor plans to choose from.
“This was a great project to add to our already senior living portfolio,” said Brandon Drury, Sundt’s project manager. “Our team was able to use its expertise and strong relationship with the ownership team to deliver a community for seniors within the Otay Ranch section of Chula Vista.”
The 105,000-square-foot residence is in Village Five of the Otay Ranch Community on 4.5 acres.
The community will provide on-site medical care, 24-hour emergency call systems, restaurant-style dining, a beauty salon, movie theater, library, media room, fitness center and laundry amenities for its occupants.
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Realtors association installs Kevin Burke as 2019 president
Kevin Burke has begun his one-year term as the 2019 president of the Greater San Diego Association of Realtors (SDAR). Burke and the 2019 Leadership Team were installed on Jan. 11 at a luncheon at the Hilton San Diego Bayfront.
Burke, a real estate professional for 40 years, is a broker associate with Burke Real Estate Consultant, Inc., based in San Diego. In addition, Burke teaches tools of the industry for new and veteran Realtors, including real property law and property management. He has held numerous committee positions and served a leadership role with SDAR’s Risk Management Committee.
Burke is joined on the Executive Committee by Carla Farley, President-Elect; Robert Weichelt, Vice President; Glenn Bennett, Treasurer; and Past Presidents Steven Fraioli and Bob Kevane.
Rounding out the 2019 SDAR Board of Directors are: Chris Anderson, Megan Beauvais, Linda Drylie, Barbara DuDeck, Ginni Field, Michael Goh, Bobby Israel, Steve Kilgore, Derrick Luckett, Spencer Lugash, Denise Matthis, Mary Mitchell, Lesha Montoya, Shawan Owusu, Frank Powell, Mark Powell, Rocky Rockhill, Donna Sanfilippo, Jeremy Sine, Ann Throckmorton, and Brian Westre.
To view the full 2019 board, click here
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San Diego Continuing Education ranks
high in statewide Strong Workforce outcomes
San Diego Continuing Education (SDCE) ranked fourth out of 116 institutions in the California Community Colleges’ system in outcomes for using Strong Workforce funding to create “more and better” programs to help students achieve measurable educational goals.
The Strong Workforce Program Incentive (SWPI) funding is part of the state’s larger campaign, Doing what MATTERS for Jobs and the Economy. California Community Colleges’ is providing the opportunity for higher education institutions within the state to become essential catalysts toward economic recovery and job creation at the local, regional and state levels.
SDCE is the adult education institution within the San Diego Community College District (SDCCD). Many adults start at SDCE and then transition to an SDCCD college, City, Mesa or Miramar. Select SDCE career training programs are eligible for credit toward a two-year degree.
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General Dynamics NASSCO commissions new panel line
General Dynamics NASSCO held a ribbon-cutting ceremony Friday to commission its new panel line, which expands steel production capabilities for the construction of commercial and government ships in San Diego.
The new panel line enables distortion-free welding of plates as thin as five millimeters to produce lighter, more energy efficient ships. The cutting-edge facility uses hybrid laser arc welding and numerically controlled robots to mill, seam and weld steel panels in a highly automated production line. These features improve capacity, quality, accuracy and cycle time, and are expected to double steel processing rates.
“Our team scouted thin plate welding technology and processing facilities from around the world to identify the components that would allow NASSCO to stay at the forefront of shipbuilding manufacturing technology,” said Kevin Graney, president of General Dynamics NASSCO.
Four ships are currently under construction at the San Diego shipyard, including two containerships for Matson Inc., and the first TAO-205-class oiler for the U.S. Navy, all of which will feature steel from the new panel line. An expeditionary sea base for the Navy is also under construction.
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Personnel Announcements
Team of senior wealth managers joins First Republic Bank
First Republic Bank, a private bank and wealth management company, announced that a team of senior wealth managers has joined First Republic in San Diego. Peter Morimoto, Jon Jewitt, and Roy Elliott Jr. were all named managing director and wealth manager, and Marena Tufenkjian was named vice president and wealth manager. They will provide investment management, retirement planning and other wealth management services to individuals, families, businesses, nonprofits and foundations at First Republic’s High Bluff office at 12626 High Bluff Drive in San Diego.
Morimoto has 21 years of wealth management experience. Prior to First Republic, he was a senior vice president at Wells Fargo Advisors, which he joined in 1997 from Smith Barney.
Jewitt has 20 years of wealth management experience. Prior to First Republic, he was a managing director, senior investment strategist at Wells Fargo, which he joined in 2000. He began his career with AG Edwards in 1998. J
Elliot has 17 years of wealth management experience. Prior to First Republic, he was a vice president at Wells Fargo Advisors, which he joined in 2004 from Morgan Stanley.
Tufenkjian has 13 years of wealth management experience. Prior to First Republic, she was an assistant vice president at Wells Fargo Advisors.
